IMF Warns Against El Salvador's Adoption Of Bitcoin

By Elise Hansen (November 23, 2021, 4:26 PM EST) -- El Salvador's recognition of Bitcoin as legal tender creates risks for consumer protection as well as the country's financial stability, and it should consider swift moves to narrow its law, the International Monetary Fund has warned in a statement.

In a Monday assessment of the country's financial state, IMF staff said they welcome efforts to spur financial inclusion but that Bitcoin's rapid price fluctuations make it a risky bet.

El Salvador in September became the first country in the world to adopt Bitcoin as legal tender, although the U.S. dollar remains the country's official currency. President Nayib Bukele championed the law and...

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