- The International Monetary Fund issued a warning against El Salvador’s Bitcoin law.
- The IMF officials warned that adopting Bitcoin as a national currency “could be dire.”
The International Monetary Fund (IMF) issued a warning against El Salvador’s Bitcoin law.
According to IMF officials, making any crypto a legal tender “is an inadvisable shortcut” to more inclusive financial services.
The IMF officials warned that some of the consequences of a country adopting Bitcoin as a national currency “could be dire.”
Yesterday, IMF officials Tobias Adrian and Rhoda Weeks-Brown wrote about making crypto a legal tender. They noted that new digital forms of money have the potential to provide cheaper and faster payments. Also, it has the potential to enhance financial inclusion, resilience, and competition among payment providers. And help cross-border transfers.
However, the 2 officials said,
But doing so is not straightforward. It requires significant investmen...