IMF urges El Salvador to remove Bitcoin as legal tender
-
Turkish Energy Minister Highlights Qatar as Key Partner for Regional and Global Energy Security
-
Rene Eyre Revisits Autobiographical Performance 'Say A Little Prayer' in London
-
London Museum Granted 24/7 License Ahead of November Opening
-
UAE's HCT Holds Record Graduation and Announces Major Training Expansion
-
Dana White Confirms Flight to Washington for Trump Meeting on Press Secretary Role
-
NASA Awards $10B Lunar Contract Framework to SpaceX, Blue Origin
-
Dengue Fever Expands Into High Himalayas as Climate Change Warms Nepal
-
Katy Perry Tells Fans Ex-Husband Russell Brand 'Should Be in Jail' During UK Concert
-
IoT Refrigerator Hacks Disrupt Blood Labs and Supermarkets Across Europe and US
-
South African election results renew debate over identity-based voting
-
Post-election pressures complicate US and Israeli decisions on Iran
-
South African voters report smoother local election but declining IEC trust
-
UN members approve talks on treaty protocol against environmental crime
-
Dolly Parton museum and Nashville hotel open after singer’s death
-
Family-run West Sussex beach café prepares for first winter season
-
George and Amal Clooney attend New York political-comedy reading
-
CT scans reveal health and burial clues from Egypt’s Braided Lady mummy
-
British buyers pay substantial premiums for period-home appearance
-
Oxford faces complaints over lecturer’s classroom attire
-
Thomas Markle released to house arrest after child-abuse-image charge
-
Kyren Wilson and John Higgins reach International Championship snooker final
-
Dawn of War 4 developers chose Adeptus Mechanicus for tactical variety
-
New Zealand and Tonga meet for place in Rugby League World Cup final
-
Italy face unbeaten South Africa in Turin Nations Championship match
-
Reports of unsafe AI-toy responses renew calls for child-safety rules
-
ChatGPT interactive interface feature tested across six custom tools
IMF urges El Salvador to remove Bitcoin as legal tender
The IMF on Tuesday called on El Salvador to change course and stop using Bitcoin as legal tender, citing "large risks" posed by the cryptocurrency.
The small Central American nation in September became the first country in the world to embrace the digital money, allowing consumers to use it in all transactions, alongside the US dollar.
The staff at the Washington-based crisis lender previously called on the government of President Nayib Bukele to reconsider the move, but the board -- comprised of representatives of IMF member governments including the United States -- used much stronger language.
The directors "urged the authorities to narrow the scope of the Bitcoin law by removing Bitcoin's legal tender status," according to a statement from the International Monetary Fund.
The officials "stressed that there are large risks associated with the use of Bitcoin on financial stability, financial integrity, and consumer protection" and with issuing Bitcoin-backed bonds.
The fund supported the aim of "boosting financial inclusion" which could be advanced using the country's "Chivo" e-wallet, but has warned about the high levels of volatility in the cryptocurrency's exchange rate.
Bitcoin was trading at about 37,000 to the US dollar on Tuesday, having lost about half its value compared to the record of 67,734 hit in November.
Bukele has taken advantage of price drops to buy the digital asset for the country.
C.Cassis--PC
