Bitcoin Discussions Between IMF snd El Salvador Continue: Gerry Rice

As revealed on Thursday by the International Monetary Fund, the discussions between the authorities of El Salvador and IMF are continuing. The concerns of the fund are regarding the move of the Central American country to accept Bitcoin as a legit tender remain.

IMF and El Salvador Authorities Discussions Over Bitcoin Acceptance

Gerry Rice, a spokesperson for IMF revealed the details regarding the discussions and said:

“The discussions between our staff and the authorities in El Salvador on potential support from the IMF… are continuing, and that the Fund sees macroeconomic, financial and legal issues with the bitcoin adoption that require careful analysis.”

In addition to this, it should be noted that the President of El Salvador is highly in favor of the flagship currency acceptance in the country and says that nothing can stop Bitcoin from witnessing broad acceptance in the country.

In a recent Podcast, President Bukele revealed:

“I don’t see anything stopping it. Everything about humans can be stopped. But I just don’t see how. It’s law, the government is working 24/7 in going to effect in 80 days.”

The reaction of IMF and World Bank on Legalising Bitcoin

In a sudden response to the El Salvador President’s statement, the IMF raised concerns that the legit tender acceptance of Bitcoin would interfere with the present negotiations for a loan worth $1 billion.

A spokesperson of the World Bank mentioned their inability to help due to the rising environmental and transparency concerns of Bitcoin and said:

“While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.”

Adding further in the favor of Bitcoin, President Bukele said:

“Remember Bitcoin works by itself, so it’s not like it depends on what we do. But of course, the things that we are doing, will, you know, it will protect the decision, and guarantee that there will be more benefits for the people.”