Cypher
(BTC) Bitcoin News TodayBlockchainCrypto AdoptionCryptocurrencyCryptocurrency RegulationNews

Review Your Bitcoin Exposure – IMF Warns El Salvador; Crypto Community Kicks

The International Monetary Fund (IMF), after a recent visit to the South American nation of El Salvador, wants the country to review its continued exposure to cryptocurrency, especially Bitcoin. However, the crypto community had none of it and called out the global monetary body.

Their several messages showed their disapproval of the IMF’s suggestions.

Kicking Against IMF’s Suggestions

According to some of the community responses, the global financial organization’s suggestions come off as spreading fear, uncertainty, and doubt (FUD) and that the IMF is attempting to stop El Salvador from moving on with its Bitcoin plans.

Cypher

Interestingly, a community member tweeted that the IMF is trying to scare other countries from following the path of El Salvador. However, the member urged other countries to adopt Bitcoin and close down their central banks.

According to reports, the IMF believes that El Salvador’s Bitcoin adoption has not materialized and that there is a need for the country to address the risks. However, despite the crypto bear market and inspired by El Salvador’s resilience, many nations are beginning to follow the path of the South American country.

They are implementing Bitcoin-friendly policies to ensure its use. In November 2022, the Brazilian Chamber of Deputies approved legislation recognizing cryptocurrencies as a payment method.

📰 Also read:  Bank of Israel Unveils Digital Shekel CBDC Pilot for Payments

This lawmakers’ approval was followed by the bill’s December 22 presidential approval and will be enacted before the third quarter of this year. Unlike El Salvador, Brazilian law did not recognize Bitcoin as a legal tender but as a means of payment for goods and services.

Furthermore, another crypto enthusiast has called out the policy inconsistency of the IMF by citing the organization’s acknowledgment of El Salvador’s GDP growth potential and its suggestion that the country gives up its Bitcoin policy because of economic risks.

Similarly, another commenter described the actions of the IMF as fear, uncertainty, and doubt. The community member noted that Bitcoin would continue to grow regardless of the organization’s predictions.

Notably, another community member pointed out that this might be the beginning of a bull rally for Bitcoin. At the same time, another explained that IMF has started to lose its grip on developing countries due to continued Bitcoin adoption.

The Bitcoin Plan

Nayib Bukele, the president of El Salvador, continues to reiterate his drive to make Bitcoin a central focus of his economic revival for the country. Last November, the president revealed his moves to purchase one BTC per day.

Moreover, El Salvador unveiled a legal initiative last month to establish a Bitcoin-backed bond dubbed “Volcano Bond.” The bond will reportedly be used to settle sovereign debt and fund the development of a crypto project named “Bitcoin City.”

📰 Also read:  Cuban Warns Gensler’s SEC Policies May Jeopardize Biden’s Reelection Bid

Since the start of the year, the Bitcoin network has recorded numerous developments. On February 14, the token’s average block size attained a new all-time high for the first time in weeks.

Amid the increasing inflation affecting fiat currency, the Bitcoin ecosystem has evolved from strength to strength.


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Ripple CEO Says Solana, XRP, and Cardano ETF are Inevitable

Cypher

Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content