El Salvador Strikes Back At Demands To Drop Bitcoin: Report

El Salvador strikes back at the demands from the IMF to drop Bitcoin as an affront to the nation’s sovereignty so let’s read more in our latest bitcoin news today.

Finance Minister Alejandro Zelaya responded to the recent demands from the International Monetary Fund after they urged El Salvador to drop the crypto’s legal status in the country in a publication last Tuesday. El Salvador’s President Nayib Bukele predicted a huge price increase for BTC in value. El Salvador strikes back at the demands from the IMF to drop Bitcoin as a legal tender.

The Finance Minister stated that the country would not end its support for BTC as a legal tender. Zelaya stated that there’s no international organization that will make them do anything and he also treated the demand as an effort to El Salvador’s independence stating that the countries are sovereign nations and make sovereign decisions about their public policies. The statements were made during an appearance on local TV stations as per the reports from various news sources. El Salvador became the first country to adopt BTC as a legal tender but IMF issues recommendations last week.

The International Monetary Fund urged the country to discontinue its bitcoin policy and noted the risks of financial stability as well as consumer protection. El Salvador’s government dismissed the IMF recommendations by stating that the bitcoin adoption actually helped them support the financial inclusion of thousands of people. BTC adoption alogn with the Chivo wallet issued by the country was intended to offer financial services to individuals that have limited access to banking. Today’s news came right after El Salvador’s president Nayib Bukele predicted a huge price increase for BTC in spite of the country’s losses in the BTC investment.

As recently reported, The IMF calls for El Salvador to stop using Bitcoin as a legal tender and it is spending even more time looking at the country and its crypto endeavors. The International Monetary Fund monitors the global economic system and distributes loans and aid to 190-dues paying member countries but now it stepped up the calls for El Salvador to abandon BTC. As a part of the regular meetings between the IMF and the member countries, the organization collects data and reports back to the board that it discusses problem areas and potential solutions with the country’s government.

Source: https://www.dcforecasts.com/bitcoin-news/el-salvador-strikes-back-at-demands-to-drop-bitcoin-report/