El Salvador responds to IMF advice to stop using Bitcoin


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On January 31, El Salvador’s Treasury Minister Alejandro Zelaya said indignantly:

No international organization will force us to do anything, anything at all.

He explained that Bitcoin is an issue of sovereignty, and added:

Countries are sovereign states and make sovereign decisions about their public policy.

Comments and criticism continued with Mr Zelaya adding that it was logical for the IMF to highlight the negative situation regarding the country’s debt, one that was dragged on and caused by a previous administration.

On January 25, the International Monetary Fund released a report urging the Central American country to narrow the scope of bitcoin law by removing legal descriptions of bitcoin.

El Salvador’s President Optimism About Bitcoin:

President Najib Bukele continued his support for Bitcoin and cryptocurrencies despite Bitcoin dropping 44% from its all-time high in November.

On January 31, the president of El Salvador said that there will be a massive increase in the price of bitcoin especially with the number of millionaires in the world more than the number of bitcoins.

He added:

With more than 50 million millionaires in the world and only 21 million bitcoins, not every one of these wealthy individuals can own a single coin.

The government of El Salvador made its first purchase in early September when bitcoin was trading above $50,000.

El Salvador made many purchases as prices rose to their peak in November, then the currency started to decline, but El Salvador continued to buy Bitcoin at low levels, the last of which was a purchase when the price of Bitcoin was at $36,000.

El Salvador plans to raise $1 billion through bitcoin-backed bonds, which will partially finance the development of “Bitcoin City” and purchase more assets.

Bitcoin price recovery:

Bitcoin prices rebounded today with a 4% gain in the past 15 hours, according to CoinGecko.

At the time of writing, Bitcoin is trading at $38,270 after making 5% over the past week.

Read also:

India Taxes 30% Crypto Gains and Will Not Allow Exemption…Details Here

Transferring $760 Million of Bitcoin Stolen from Bitfinex in 2016 to An Anonymous Wallet… Will This Affect Bitcoin Price?

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