IMF seeks to provide technical assistance to El Salvador: Bitcoin

The International Monetary Fund jumped in close support to El Salvador to keep it away from any type of possible big risk. 

El Salvador became the first country in the world, which adopted Bitcoin on 7 September 2021. Right now the Central African Republic (CAR) is standing at the second position in terms of Bitcoin adaptive country as a currency. In the race of Bitcoin adoption in the payment system, El Salvador is leading the other countries which are interested in using bitcoin or Crypto in payment systems legally.

Recently local news media outlet elsalvador.com reported that spokesman Gerry Rice from International Monetary Fund (IMF) confirmed that IMF jumped officially to talk with the El Salvadoran Govt agencies “on the critical issues that were emphasized by our Executive Board in January”. 

Gerry Rice said:

“It is part of the ongoing discussions, including the progress of the authorities in the collection of statistics on the use of Bitcoin and other information related to the adoption of Bitcoin as legal tender in El Salvador. Therefore, we provide technical assistance on this topic, the compilation of the use of Bitcoin.”

In short, the IMF agency will figure out the risks associated with the existing framework of El Salvador’s Bitcoin Act, which allows citizens to use Bitcoin in payment methods. 

Rice also said that they also talked on the matter of public fund use in Bitcoin purchases, Anti Money Laundering provisions & anti-corruption regulatory framework under the roof of the international standards. 

IMF: Bitcoin critic

In the past, the International Monetary Fund organization passed huge negative comments on Cryptocurrencies adoption. More importantly, in the past few months, IMF raised concerns over Bitcoin adoption as Currency and indirectly & directly dragged El Salvador’s Bitcoin law Act under huge numbers of questions.

Recently IMF agency noted that highly corrupt countries showed high inclination towards the cryptocurrencies use. 

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