The International Monetary Fund is pushing El Salvador to ditch bitcoin as legal tender, according to a statement released on Tuesday. IMF directors “stressed there are large risks associated with the use of bitcoin on financial stability, financial integrity, and consumer protections.”

“The report went on to “urge” authorities to narrow the scope of its bitcoin law by removing bitcoin’s status as legal money. In September 2021, the Central American nation became the world’s first country to adopt the cryptocurrency as legal tender, alongside the U.S. dollar.

Salvadoran President Nayib Bukele — who has tethered his political fate to the success of the country’s bitcoin experiment — has added hundreds of bitcoin to the country’s balance sheet in recent months. On Friday, the president tweeted that he bought an additional $15 million of “really cheap” bitcoin, as the crypto market plummeted. Bitcoin is down about 50% from its November record high.”

https://citizenfreepress.com/breaking/imf-tells-el-salvador-to-ditch-bitcoin-as-legal-money/