The International Monetary Fund calls El Salvador to revoke decision on declaring bitcoin a legal tender

Board of directors of the International Monetary Fund (IMF) called for the government in El Salvador to reconsider its decision to declare bitcoin a legal tender. They stress out that this will make it hard for the country to get another loan from this global monetary institution.

They pointed out possible issues around the consumer protection rights, and the uncertainty around the cryptocurrency price. By the words of the IMF board of directors, El Salvadors’s announced government bonds backed by bitcoin should be canceled at this time.

Back on September 7th 2021, El Salvador recognized bitcoin cryptocurrency as a legal tender in its country.