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IMF urges El Salvador against using bitcoin “for their own good”

IMF urges El Salvador against using bitcoin “for their own good”



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34 Comments

  1. tldr; The International Monetary Fund (IMF) has warned El Salvador against using bitcoin as official currency given the risks associated with the cryptocurrency. “Given Bitcoin’s high price volatility, its use as a legal tender entails significant risks to consumer protection, financial integrity, and financial stability,” the IMF said in a statement. El Salvador became the first country in the world in September to legalize bitcoin as legal tender.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  2. Leave them alone. Being the only country who accepts Bitcoin will be a massive attraction of capital and innovation. They don’t even have their sovereing currency so have nothing to fear. Why can’t they leave people alone?

  3. Here’s a 2015 congressional report:

    [Bitcoin: Questions, Answers, and Analysis of
    Legal Issues](https://sgp.fas.org/crs/misc/R43339.pdf)

    In particular:

    > One issue that has received some attention is the ability of the International Monetary Fund (IMF) to defend a traditional currency of one of its member countries from a speculative attack involving a digital currency such as Bitcoin because the IMF’s Articles of Agreement do not explicitly permit it to acquire a currency not issued by one of its members

  4. If IMF knew anything we would not be in a polarising economy where the Bankers and corporations keep getting rich and everyone can’t afford better lifestyles.

    We’ve listened to you long enough IMF. Tell Facebook, Amazon, Google and Microsoft to pay their taxes first.

  5. The covert CIA missions to El Salvador will start shortly! Trust me bro!
    Watch how quick the U.S will try to overthrow their government!
    If I were them I’d start to form alliances with Russia and China and start buying weapons with the crazy profits coming up soon!

  6. the only tax collected there will be the value-added tax, half of which will be used to pay the municipal bonds and the rest for municipal infrastructure and maintenance. Bukele pointed out there would be “no property, income or municipal taxes and the city would have zero carbon dioxide emissions,” as per a report by AFP. However, the El Salvador president didn’t provide a timeline for the city’s creation. who cares about IMF

  7. After they announced the speculative attack I’ve started to get a bit worried the Us will respond. We arent the nice kid on the playground. They should have shorted the looney instead.

  8. did the IMF warn Turkey? they lost 15% because of a stupid president (or is he a diktator?) Erdogan. In terms of volatility with a certainity to the downside this is much more of a concern for consumers than bitcoin.

What do you think?

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