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IMF urges El Salvador to remove Bitcoin as legal tender

Financial institute cites large risks posed by the cryptocurrency.



File photo
File photo

By Reuters

Published: Tue 25 Jan 2022, 11:20 PM

The IMF on Tuesday called on El Salvador to change course and stop using Bitcoin as legal tender, citing "large risks" posed by the cryptocurrency.

The bank "urged the authorities to narrow the scope of the Bitcoin law by removing Bitcoin's legal tender status," according to a statement from the International Monetary Fund.

El Salvador in September became the first country in the world to embrace the digital money, making it legal to use in all transactions, alongside the US dollar.


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