IMF Issues Fresh Warning To El Salvador Over Bitcoin Adoption But President Bukele Focuses On The Positives

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IMF Issues Fresh Warning To El Salvador Over Bitcoin Adoption But President Bukele Focuses On The Positives

The International Monetary Fund has issued new warnings to El Salvador over its full-scale adoption of Bitcoin as legal tender.The Fund’s report highlighted that El Salvador’s economy has bounced back from the lows of the pandemic and is experiencing a wave of prosperity.El Salvador has announced the creation of a Bitcoin City and the issuance of Bitcoin bonds in 2022.

Prijatie Salvádorom Bitcoin in September did not go down well with several organizations. The Najmä MMF opakovane varoval vládu že rozhodnutie by mohlo znamenať ekonomickú záhubu pre malý národ.

Najnovšie varovania

The IMF has continued to voice its disapproval of El Salvador’s Bitcoin adoption but the latest warning comes with plenty of positives. The warning was contained in the concluding statement of a successful mission undertaken by the IMF staff and begins by noting the significant strides taken by the government in ensuring economic stability after the pandemic.

The report took a grim turn when it broached the issue of Bitcoin and the accompanying Chivo wallet. Although it noted that Bitcoin and Chivo can improve payments and foster financial inclusion, there are still inherent risks in such a system. The report noted the risks against consumer protection, financial integrity, and financial stability that could be the catalyst for “fiscal contingent liabilities.”

“Because of those risks, Bitcoin should not be used as legal tender.” správa uviedla. “Staff recommends narrowing the scope of the Bitcoin law and urges strengthening the regulation and supervision of the new payment ecosystem.”

Ďalšie odporúčanie navrhnuté MMF zahŕňa odstránenie zdanlivo preferenčného zaobchádzania s peňaženkou Chivo. MMF chce, aby sa Chivo držalo na vyššom štandarde, aby sa zabezpečilo, že finančné prostriedky zákazníkov sú riadne chránené. Medzi rozsiahlejšie odporúčania patrí zrušenie zvereneckého fondu vo výške 150 miliónov dolárov a stiahnutie verejných dotácií pre Chivo.

“Banking regulation should incorporate prudential safeguards such as conservative capital and liquidity requirements related to Bitcoin vystavenie." upozornil MMF. Fond ďalej vydáva varovania pred navrhovanými emisiami štátnych dlhopisov.

Prezident Bukele Basks v správe MMF

Following the release of the IMF report, President Nayib Bukele chose to focus only on the positives as highlighted by the Fund. He shared the report with his over 3 million followers on Twitter accompanied with a caption that suggested his Bitcoin policies were the catalysts.

„Je zaujímavé, že to bol MMF, kto zničil všetky argumenty opozície: Vynikajúce zvládnutie pandémie. Transparentnosť pri využívaní prostriedkov #Covid19. Silné ZNÍŽENIE KRIMINALITY. Ekonomika tento rok porastie o 10 percent,“ tweetoval.

Od prijatia Bitcoin as legal tender, Bukele has guided El Salvador to successfully mine Bitcoin with geothermal energy a oznámiť, že krajina postaví školy a a veterinary clinic with the proceeds gained from its Bitcoin investície.

Originálny zdroj: ZyCrypto