IMF recommends El Salvador to limit the public’s exposure to Bitcoin

2024-10-4 16:39

The IMF wants El Salvador to limit “public sector exposure to Bitcoin” The financial agency’s remarks follow an August statement, which talked about “mitigat[ing] the risks from Bitcoin”

The International Monetary Fund (IMF) has recommended that El Salvador reduce the scope of its Bitcoin law and limit the public’s exposure to Bitcoin.

During a press conference, IMF spokesperson Julie Kozack said:

“What we have recommended is a narrowing of the scope of the Bitcoin law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting public sector exposure to Bitcoin.”

Kozack added that the IMF continues talking with El Salvador and that “addressing risks arising from Bitcoin is a key element of these discussions.”

The Central American country is no stranger to the IMF’s views on its use of Bitcoin. Notably, the issue goes back to 2021 when El Salvador made Bitcoin legal tender. Following its official adoption, the IMF released a statement in November 2021 “recommend[ing] narrowing the scope of the Bitcoin law” while “strengthening the regulation and supervision of the new payment system.”

This was again called for in January 2022 when the IMF advised El Salvador to reconsider its decision on Bitcoin as the country’s legal tender.

More recently, the IMF released a statement in August that focused on, among other things, the need to “mitigate the risks from Bitcoin.” However, the financial agency did note that while “many of the risks have not materialized, there is joint recognition that further efforts are needed to enhance transparency..” in Bitcoin.

Still committed to Bitcoin

Despite these remarks from the IMF and the continued back-and-forth, El Salvador remains unchanged in its mission to see Bitcoin rise in the country.

However, while the government is keen to see adoption numbers rise, Nayib Bukele, El Salvador’s pro-Bitcoin president, knows more work needs to be done. In a recent interview with TIME magazine, Bukele admitted that his Bitcoin strategy for El Salvador had been “net positive,” but it hasn’t witnessed the “widespread adoption” they hoped for.

Despite this, Bukele remains committed, even going so far as to buy additional Bitcoin when the price drops. The country also promised to use the profit it makes from its Bitcoin Trusts to build 20 schools as it works at making crypto more appealing to its citizens.

The post IMF recommends El Salvador to limit the public’s exposure to Bitcoin appeared first on CoinJournal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) íà Currencies.ru

$ 96978.69 (-0.14%)
Îáúåì 24H $43.355b
Èçìåíåèÿ 24h: -0.17 %, 7d: -5.74 %
Cåãîäíÿ L: $96041.94 - H: $97458.26
Êàïèòàëèçàöèÿ $1920.139b Rank 1
Öåíà â ÷àñ íîâîñòè $ 62076.81 (56.22%)

bitcoin imf public exposure limit salvador recommended

bitcoin imf → Ðåçóëüòàòîâ: 126


IMF says Bitcoin Chivo Wallet Could “Increase Growth” But Calls for “Narrowing” BTC Law Due to High Volatility

The IMF has released its concluding statement on El Salvador adopting Bitcoin as legal tender alongside the US dollar. In IMF’s discussion with El Salvador, they covered the regulation and supervision of Bitcoin services providers and e-wallet Chivo, but the latest plans to issue sovereign bonds and use the proceeds to buy Bitcoin and fund […] The post IMF says Bitcoin Chivo Wallet Could “Increase Growth” But Calls for “Narrowing” BTC Law Due to High Volatility first appeared on BitcoinExchangeGuide.

2021-11-23 18:13


What do IMF's concerns about Bitcoin being an 'inadvisable shortcut' actually reveal

The growing popularity of Bitcoin has resulted in many countries adopting the digital asset and the International Monetary Fund [IMF] has not been happy with it. The Washington DC based organization oThe post What do IMF's concerns about Bitcoin being an 'inadvisable shortcut' actually reveal appeared first on AMBCrypto.

2021-8-31 03:00


Ôîòî:

Nobody Shills Bitcoin Quite Like The International Monetary Fund (IMF)

The International Monetary Fund (IMF) may have accidentally delivered its biggest advertisement for Bitcoin yet as it argues for negative interest rates. Bitcoin Proponents Thank IMF… Again Retweeting a blog post from February this year, the financial organization reiterated its faith in central banks increasing negative interest rates – essentially taxes on using money.

2019-4-22 21:00


Ôîòî:

3 Countries Tell IMF They Want To Issue Bitcoin Bonds

The governments of at least three countries have formally acknowledged their interest in issuing a sovereign Bitcoin bond to raise capital. Afghanistan, Tunisia, Uzbekistan And Bitcoin Asia Times originally reported the trend April 17 referencing recent statements at this week’s World Bank and International Monetary Fund (IMF) Spring Meetings held in Washington DC.

2019-4-17 17:00


IMF Committed to Bitcoin Adoption and Fostering a “Cashless Society”

International Monetary Fund that fosters global monetary cooperation and secure financial stability is keen on a digitized world and is having a “cashless society”vision. Recently, IMF released a report titled Crypto Currencies and Monetary Policy by Jeffrey Franks, Director of IMF Europe Office where he talks about how “Money has evolved over time, to meet […]

2019-2-9 23:37


Ôîòî:

The Daily: Iran Said to Announce Crypto-Rial This Week, Italy Closer to Crypto Regulation

In this edition of The Daily, Iran is reportedly preparing to announce its national cryptocurrency during a conference starting on Jan. 29. Also, a draft decree introducing legal definitions for terms related to cryptocurrencies has been introduced in the Italian Senate and the IMF has voiced concerns over Malta’s blockchain industry while recognizing the positive […] The post The Daily: Iran Said to Announce Crypto-Rial This Week, Italy Closer to Crypto Regulation appeared first on Bitcoin News.

2019-1-28 15:25


Mark Dow Believes Bitcoin’s Scammy Promotion Runds Wild And Has No Credible Use Cases

Mark Dow Believes Bitcoin Is Too Scammy And Volatile To Be Widely Adopted The recognized analyst and trader Mark Dow is skeptical about Bitcoin’s future as a widely used digital asset. In a recent tweet uploaded on January 2, the former International Monetary Fund (IMF) economist, believes that the world’s leading digital currency does not […]

2019-1-4 02:17


Bitcoin Proponent Ron Paul: ‘Tax free Bitcoin and crypto will prevent next Fed-created recession’

Going by the recent development in the US banking sector, that has seen the US Fed Reserve, the central bank of US raise interest rate the fourth time in 2018, which many believe could lead to a recession in the US and a global recession by 2019, former IMF economist, who also was a former […] The post Bitcoin Proponent Ron Paul: ‘Tax free Bitcoin and crypto will prevent next Fed-created recession’ appeared first on ZyCrypto.

2018-12-21 14:15


Ôîòî:

Ripple CEO Brad Garlinghouse Speaks About Blockchain Use in ASEAN at Singapore Fintech Festival

Ripple CEO Brad Garlinghouse talked about the opportunities for digital assets and blockchain technology in the ASEAN region. Speaking with IMF’s Deputy General Counsel Ross Leckow, Garlinghouse noted on Monday that the unique regulatory frameworks of the region could help in the creation of game-changing technology that will change the future of global payments.

2018-11-13 18:29


Ôîòî:

Marshalls Island President Heine’s Cryptocurrency Plan Faces No-Confidence Vote

Marshalls Island President Hilda Heine’s controversial plan to introduce a sovereign cryptocurrency faced a lot of opposition in local Parliament and from the International Monetary Fund (IMF). According to The Guardian’s article published on November 5, 2018, President Hein’s cryptocurrency plan was met with sharp criticism from eight senators, which led her to her first vote of no-confidence.

2018-11-7 20:00


Ôîòî:

Marshall Islands President Faces Vote-of-no-confidence After Pushing Ahead With Plans to Issue a National Cryptocurrency

Hilda Heine, the president of the Republic of Marshall Islands (RMI), is fighting for her political career after she allegedly defied the International Monetary Fund’s (IMF) advice and went ahead with the introduction of a new digital currency that the IMF considers to be a threat to the country’s financial stability.

2018-11-7 15:59