El Salvador Ignores IMF: “Bitcoin is About Sovereignty!”
El Salvador is not surrendering to the International Monetary Fund after it got criticized for its Bitcoin Law that turned into effect in the country on September 7, 2021.
Last week the IMF urged El Salvador to stop allowing Bitcoin’s use as legal tender and to dissolved Fidebitcoin, the $150 million trust fund created for the Bitcoin law.
Speaking on local television, El Salvador’s Finance Minister Alejandro Zelaya said that Bitcoin (BTC) is a matter of “sovereignty.” In an aggravated tone, he said:
“No international organization is going to make us do anything, anything at all.”
He added:
“Countries are sovereign nations and they take sovereign decisions about public policy.”
In its latest report on El Salvador, the IMF said that “the near-term the actual costs of implementing Chivo and operationalizing the Bitcoin law exceed potential benefits” as it recommended stepping up regulation.
Since El Salvador adopted bitcoin as a national currency alongside the U.S. dollar in September last year., the country has purchased 1,801 BTC for its treasury.
Recently Salvadoran ‘Bitcoin President’ Nayib Bukele said to expect two more countries to adopt BTC as legal tender this year. He also forecasted a “gigantic price increase” for the top cryptocurrency.
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Source: igaming
