IMF Urges El Salvador To Ditch Bitcoin As Legal Tender Citing Concerns Of Risks


IMF Urges El Salvador to Ditch Bitcoin as Legal Tender Citing Concerns of Risks

WASHINGTON (UrduPoint News / Sputnik - 26th January, 2022) The International Monetary Fund on Tuesday urged El Salvador to remove Bitcoin as a legal lender citing concerns over risks.

"They (IMF Executive Directors) stressed that there are large risks associated with the use of Bitcoin on financial stability, financial integrity, and consumer protection, as well as the associated fiscal contingent liabilities," the IMF said in a press release.

"They urged the authorities to narrow the scope of the Bitcoin law by removing Bitcoin's legal tender status."

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