The IMF is discussing with El Salvador to address the economic risks associated with Bitcoin’s adoption as a legal tender.
Despite market volatility, El Salvador continues to buy Bitcoin and remains committed to its Bitcoin strategy under President Bukele.
The International Monetary Fund (IMF), the global financial institution, is currently communicating with El Salvador to mitigate the possible macroeconomic and fiscal impacts of the adoption of Bitcoin as an official currency. This is to ensure the generation of a clear plan to help stabilize and develop El Salvador’s economy and handle the challenges brought by cryptocurrency.
On August 6, the IMF stated that negotiations with the Salvadoran authorities are ongoing. An IMF mission led by Raphael Espinoza also held both face-to-face and remote meetings to address key elements of the country’s economic stability. The major concerns are strengthening public finances, building up banks’ reserves, and increasing financial tr
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