El Salvador Rejects IMF Demands on Bitcoin
El Salvador officials directly rejected the order of the International Monetary Fund and supported bitcoin fully with confidence.
El Salvador adopted Bitcoin as a legal currency on 7 September 2021 but the country faced huge criticism with its decision. The International Monetary Fund (IMF) raised its voice against El Salvador many times directly and indirectly. Last week the IMF directly urged the government of El Salvador to revoke the position of Bitcoin as Currency.
Alejandro Zelaya, Minister of Finance, clearly stated that the country will not revoke its plans with bitcoin and also will always support Bitcoin, during an appearance on a local TV station.
Alejandro stated:
“no international organization is going to make us do anything…()…countries are sovereign nations and they make sovereign decisions about public policy.”
Through the statement, Alejandra noted that El Salvador is an independent country and it is independent to go with its own decisions and policies to create for itself.
Nayib Bukele belief with bitcoin
Recent price of Bitcoin faced a huge correction. In response to the latest correction, the El Salvador president faced huge criticism because of Bitcoin and Bitcoin law haters. Because in the crash the country lost some value in the holdings of its Bitcoin.
On 31 January, El Salvador president Nayib Bukele wrote on twitter that the price of Bitcoin will rise. He wrote that there are 50 million millionaires in the world and the supply of Bitcoin is limited to 21 millions, so this will normally push the price of Bitcoin up rapidly.
Nayib explained every well that how Bitcoin is going to create a new future and also can make huge numbers of people rich by simply holding fractions of Bitcoin.
At the time of writing this article, the price of Bitcoin is $38,602 and this price is 4% high over its last 24 hours. And beside the Bitcoin rise, Ethereum pumped by 10% with a trade price of $2,744.
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