El Salvador Responds Back at IMF’s Demands to Remove Bitcoin as Legal Tender

El Salvador has reacted angrily to the International Monetary Fund’s recent demands that it should remove Bitcoin as legal tender. Alejandro Zelaya, Minister of Finance, indicated that the country would continue to support Bitcoin as legal tender. According to multiple news outlets, those remarks were made during an appearance on a local television station. Zelaya stated that ‘no international organization is going to make us do anything.’ He also treated the demand as an insult to El Salvador’s independence, stating that ‘countries are sovereign nations and they make sovereign decisions about public policy.’ In September 2021, El Salvador became the first country to recognize Bitcoin as legal money. IMF Suggested Recommendations Last Week In a recent article, the International Monetary Fund advised El Salvador to abandon its Bitcoin policy. It raised concerns about financial stability and consumer protection. El Salvador’s government has previously ignored the IMF’s suggestions, claiming that its adoption of Bitcoin had enabled millions of people to get access to financial services. The adoption of Bitcoin coupled with the Chivo wallet was meant to provide financial services to people who did not have access to traditional banks.The post El Salvador Responds Back at IMF’s Demands to Remove Bitcoin as Legal Tender appeared first on Cryptoknowmics-Crypto News and Media Platform.