El Salvador was the first country in the world to make Bitcoin legal tender alongside the United States Dollar (USD) last year in the month of September when they made broke and made history being the first and only country that has made Bitcoin legal tender, the only country that allows citizens to pay tax in crypto, the icing on the cake they even gave out some Bitcoin to all their citizens that registered for their CHIVO wallet and also publicly announced that they hold bitcoin in their portfolio.
Recently the International Monetary Fund’s (IMF) asked the El Salvador government to drop their adoption or use of Bitcoin as legal tender because it is going to bring up financial, macroeconomic, and some legal issues.
IMF spokesperson Gerry Rice said:
“Crypto assets can pose significant risks and effective regulatory measures are very important when dealing with them,”
in addition that the adoption of bitcoin:
“entails large risks for financial and market integrity, financial stability, and consumer protection. It also can create contingent liabilities.”
but the El Salvador Treasury Minister Alejandro Zelaya responded saying:
“No international organization is going to make us do anything, anything at all,” adding on a local television station that Bitcoin as legal tender was an issue of sovereignty for El Salvador.
I personally love the response from the Treasury Minister Alejandro Zelaya and that El Salvador is making their stands on Bitcoin known once again, just in case anyone has forgotten where they stand, letting the IMF know what's up.
El Salvador, first Bitcoin purchase was worth about $20.9 million which at that time was worth 400 Bitcoin, a day before the country adopted Bitcoin as a legal tender, but they didn't stop there they kept on buying the dip and accumulating more and more Bitcoin from various dips now they own about 1800 plus Bitcoin worth about $66 million, Thanks Guys For Reading My Post.
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El Salvador will become a case study in years to come. Hopefully, for the sake of the crypto market in general, it turns out to be a success.
El Salvador, has made history already and I hope for the best, crypto is the future.
Cryptocurrency is here to stay! And up is the only way to go. The future will prove this to be true.
I totally agree with you.
They have a huge potential, not only with Bitcoin itself, but with tourism and new imigrants bringing money to the country. The fact that the IMF is pissed off tells us a lot. But if the president is smart, he should know already that the global elites are not going to let it lie. I won't be surprised if El Salvador suddenly starts to see some 'destabilization' going on.
Yeah, I get because now all eyes are on them hoping they make a mistake or a wrong trade.
I can't help but get shivers whenever this guy pops up. While what he's doing might be beneficial, he may be putting a whole economy at risk if he's not really knowledgeable of what he's doing. That could not only spell disaster for him but for the future of Crypto in El Salvador.
I get your point dear, his a president he should have good advisers, plus the crypto profits are been put in for good use, they have built a huge pet hospital already and plan on building 20 schools from their bitcoin profit.
Alright. I just prefer to watch than suggest tho 😃
Yeah me too
Being the IMF consists of criminals who only look out for themselves, it's obvious El Salvador's choice to have BTC as legal tender puts their panties in a knot! I am FOR choice. Having multiple currencies running, not just ONE that is demanded by any country, seems like the fairest option to me. Go El Salvador!