El Salvador highlights two Bitcoins approved by the IMF for Business and Economic News
[ad_1]
The finance minister of the Central American country assured the International Monetary Fund (IMF) that El Salvador has no intention of abandoning the dollar.
El Salvador will not replace the U.S. dollar with Bitcoin as legal tender, Finance Minister Alejandro Zelaya said on Wednesday as the Central American nation asked the World Bank for technical assistance in implementing Bitcoin regulations.
This month, El Salvador was the first country to adopt Bitcoin as a legal license, and President Nayib Bukele noted the potential of cryptocurrency as a remittance of Salvadoran money abroad.
El Salvador has been using the U.S. dollar as legal tender for the past two decades after leaving its currency.
Finance Minister Zelaya said last week that he had clarified to the International Monetary Fund (IMF) that El Salvador would not abandon the US dollar and would not replace it with cryptocurrency.
“We have given our official position to the IMF. We have been emphatic, we do not represent the US dollar as legal tender in El Salvador, ”Zelaya said at a press conference.
El Salvador is in the midst of loan negotiations with the IMF to get a $ 1 billion program to fix budget gaps by 2023.
Zelaya said El Salvador continues to negotiate with the IMF, and described the talks as a success.
El Salvador has also asked the World Bank for technical assistance on Bitcoin rules and settings, Zelaya said.
[ad_2]
Source link
