The IMF Recommended El Salvador Abandon Bitcoin

The Executive Board of the International Monetary Fund (IMF) recommended El Salvador deprive Bitcoin of the status of legal tender in the state.

According to the IMF, the Chivo e-wallet can increase financial inclusion, but at the same time, strict regulation of Bitcoin is necessary, since its use entails great risks to financial stability.

The organization also expressed concern about the plans of the Salvadoran government to issue Bitcoin bonds worth $1 billion.

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