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Cryptocurrency News Articles
IMF Continues to Hold El Salvador Hostage Over #Bitcoin, Despite Remarkable Transformation the Country Has Witnessed Since Its Adoption
Oct 04, 2024 at 12:06 pm
Julie Kozack, director of the IMF's communications department shared, "What we have recommended is a narrowing of the scope of the Bitcoin Law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting public sector exposure to Bitcoin."
The International Monetary Fund (IMF) once again put pressure on El Salvador on October 3 to reconsider its Bitcoin policy and revise the regulatory framework governing digital assets.
“We have suggested narrowing the scope of the Bitcoin Law, increasing regulatory oversight and supervision of the Bitcoin ecosystem, and cutting back on the public sector’s exposure to Bitcoin,” stated Julie Kozack, director of the IMF’s communications department. Despite El Salvador’s GDP rising by over 10% since adopting Bitcoin, the IMF is still attempting to eliminate it. Additionally, because of its favorable Bitcoin adoption, the nation experienced a 95% increase in tourism in 2023.
The IMF continues to hold El Salvador hostage over #Bitcoin despite:
> a GDP increase of over 10% since adopting #Bitcoin, consistently outpacing regional peers
> a 95% decrease in the murder rate,
> a 95% increase in tourism in 2023 alone
Your vision is driving a remarkable transformation, @nayibbukele!
Remain steadfast!
pic.twitter.com/bk0kTkNHfQ
Multiple times, the IMF has urged El Salvador to abandon Bitcoin and adopt conventional financial infrastructure ever since the nation legalized Bitcoin as a legal form of tender in 2021.
The IMF has been pressuring for cryptocurrency regulations globally as the value of the US dollar and other fiat currencies declines. On the other hand, the IMF is also emphasizing the use of central bank digital currencies (CBDCs) globally and has developed a framework for their regulation, education, design, and incentives.
In a recent effort to counter the concept of crypto regulations for nations, the IMF had recently suggested that Pakistan implement a capital gains tax on cryptocurrency in order to qualify for a $3 billion loan. Another occurrence in which the IMF executives’ hostility toward crypto was not surprising at all was when they suggested taxing the energy used for crypto mining in order to cut carbon emissions.
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