Bitcoin Should Not Be Legal Tender in El Salvador: IMF

Posted on by American Coins & Gold

Bitcoin Should Not Be Legal Tender in El Salvador: IMF
The International Monetary Fund (IMF) said that bitcoin should not be used as legal tender in El Salvador and urged the Central American country to strengthen the regulation and supervision of its newly established payment ecosystem.In a statement published on Monday, the IMF recommended that El Salvador narrow the scope of its Bitcoin Law and mentioned “significant risks” that bitcoin has for consumer protection, financial integrity and financial stability.The report corresponded with an official IMF visit to El Salvador conducted in accordance with Article 4 of its Constitutive Agreement, which annually overviews the fiscal, monetary and external situation of its…