President of El Salvador, Nayib Bukele, played a major role in the inclusion of Bitcoin among the official currencies of the country in the past period. In addition, he signed under the bulk BTC and similar crypto money purchases.
Last summer, the IMF warned about El Salvador’s cryptocurrency investments. But it did not receive a positive response. Then the IMF continued to repeat its warnings to the El Salvador and Nayib Bukele front. He even recently made a statement about the acceptance of Bitcoin as the official currency. Here are the details…
El Salvador once again bought Bitcoin!
Nayib Bukele, the president of El Salvador, who legally accepts Bitcoin, announced that they have purchased Bitcoin worth $ 15 million.
El Salvador determined to keep Bitcoin as currency
El Salvador’s Treasury Minister, Alejandro Zelaya, rejected the IMF’s request, saying the decision to adopt Bitcoin as the official currency was a matter of sovereignty. In a local television show he later participated in, he said:
Countries are sovereign nations and make sovereign decisions about public policy. No international organization can make us do anything, they will not do anything.
The IMF cited risks to “financial stability, financial integrity and consumer protection”, claiming that price volatility and potential for criminal misconduct make it unsuitable. Furthermore, he had previously told El Salvador that his actions could prevent the country from obtaining loans from the institution, while investments in the crypto market could be ignored.
Marcus Sotiriou, an analyst at a UK-based digital asset broker, said:
It looks like El Salvador may no longer need mandatory loans from the IMF by issuing the innovative bitcoin Bond that allows them to raise funds to build mining infrastructure.
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