El Salvador Government Angrily Rejects IMF Call to Drop Bitcoin UseInfodeal users
As per the latest Reports, EI Salvador, the country situated in Central America has offended and declined the offer made by the International Monetary Fund to drop Bitcoin being the legal tender of the country.
The Treasury ministry stated that any of the international organizations cannot force them to do anything that is against their own wish. The former president of Honduras stated that bitcoin is a matter of any country’s supreme power. He further stated that every country has its own choice to make decisions in its favor.
The basic reason for the feud between IMF and EI Salvador was that Imf ordered the country to return back the fund created by legalizing cryptocurrency to its treasury. The IMF is concerned about the misuse of cryptocurrency by traders and violation of bitcoin prices.
However, EI Salvador is stating that it has followed all the rules of financial and money laundering transactions. Between both countries, there is a trust fund created and the IMF wants the Bitcoin money to transfer to the Trust Fund and convert into US dollars considering it a high-risk currency.
The IMF also suggested using dollars as currency instead of bitcoin named Chivo which is being accepted there as a regular payment. $30 is also given as assisting money to those who use chivo.
However, the Government of Salvador agreed upon the strict regulations for Bitcoin use as it has facilitated the inclusion of more money and opening up of the economy. The final statement has not been concluded by both parties but it seems like EL Salvador will not put their hands on it before IMF.