President of El Salvador Nayib Bukele has pushed to use Bitcoin as legal tender and purchsed the cryptocurrency for the country.
WASHINGTON: The IMF on Tuesday called on El Salvador to change course and stop using bitcoin as legal tender, citing “large risks” posed by the cryptocurrency.
The small Central American nation in September became the first country in the world to embrace the digital money, allowing consumers to use it in all transactions, alongside the US dollar.
The call by the Washington-based crisis lender came as the cryptocurrency dropped in value amid wider volatility on Wall Street in recent days, undoing much of the gains it had made during a record-setting climb in value last year.
The IMF staff had previously called on El Salvador’s President Nayib Bukele to reconsider putting bitcoin…
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