IMF: “actions by El Salvador to legalize bitcoin raise legal and economic questions”

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A spokesman for the International Monetary Fund (IMF) said El Salvador’s decision to make bitcoin legal tender in the country raises “legal and economic” questions.

El Salvador became the first country in the world to recognize Bitcoin as legal tender. The initiative was proposed by President Nayib Bukele, and just a couple of days later the Legislative Assembly of El Salvador approved the bill. The country’s authorities hope to attract cryptocurrency companies as well as “improve the lives” of their citizens.

“The adoption of Bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis. We are closely following developments and will continue to consult with the El Salvadorian authorities, ”said IMF spokesman Gerry Rice.

Rice said the IMF representatives will discuss his initiative with Bukele. The Fund has leverage of its own – El Salvador is awaiting approval for $ 1 billion in funding from the IMF.

Note that, according to cryptocurrency enthusiast Mike Novogratz, at the current stage of its development, bitcoin is poorly suited for payments, but it is an excellent investment asset.

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