IMF urges El Salvador to remove Bitcoin’s legal tender status

According to a statement released on Tuesday, the International Monetary Fund (IMF) said that the use of bitcoin as official currency in El Salvador is very risky and requires strict supervision of El Salvador’s Chivo e-wallet and bitcoin ecosystem. . The International Monetary Fund is urging El Salvadoran authorities to remove bitcoin’s legal tender status. The IMF report also said that some directors expressed concerns about the risks associated with issuing bitcoin-backed bonds, citing plans by the country’s president to raise $1 billion through “bitcoin bonds” in partnership with digital asset infrastructure firm Blockstream. (CNBC))