El Salvador has rejected the recommendation by the International Monetary Fund (IMF) to drop bitcoin as legal tender. The country’s finance minister reportedly “angrily” said, “No international organization is going to make us do anything, anything at all.”
El Salvador Says No to IMF on Bitcoin
The government of El Salvador has rejected a recommendation by the International Monetary Fund (IMF) to drop bitcoin as legal tender in the country.
The IMF urged El Salvador last week to drop bitcoin’s use as legal tender and dissolve Fidebitcoin, the $150 million trust fund created for the Bitcoin law.
El Salvador’s Finance Minister Alejandro Zelaya told a local television station that bitcoin is an issue of “sovereignty.” According to the media, he “angrily” said:
“No international organization is going to make us do anything, anything at all.”
“Countries are sovereign nations and they take sovereign decisions about public policy,” the finance minister added.
According to its analysis, “In the near-term the actual costs of implementing Chivo and operationalizing the Bitcoin law exceed potential benefits,” the IMF stated in its recent report on El Salvador.
The International Monetary Fund also recommended that El Salvador’s government start charging fees for the use of its digital wallet, Chivo. In addition, the IMF wants the Salvadoran government to stop giving away $30 in bitcoin to anyone signing up to use the Chivo wallet.
Looks like they’re setting themselves up to take a big fall and make an example.
The IMF says…HAHAHAHAHA. Yeah, bitcoin is bad, US funny money that drops in value everyday is so much more reliable. Well, I bought 2, years ago, at $50 each. Sold 1 when it hit $16,000 and built a new room on my house. I’ve left the other to float. Yeah, a real disaster. These digital monies are probably the replacement for the dollar when it dies a very ugly death. How better to implement a ‘new’ currency, electronically traded/used/tracked, than to have the IMF oppose it? Never take any of their crap at face value, there’s ALWAYS a catch.