4 SHARES Share TweetWashington, United States, Jan 26 – The IMF on Tuesday called on El Salvador to change course and stop using bitcoin as legal tender, citing “large risks” posed by the cryptocurrency. The IMF staff had previously called on El Salvador’s President Nayib Bukele to reconsider putting bitcoin at the center of his country’s finances. The board’s directors “urged the authorities to narrow the scope of the bitcoin law by removing bitcoin’s legal tender status,” according to a statement. They “stressed that there are large risks associated with the use of bitcoin on financial stability, financial integrity and consumer protection” and with issuing bitcoin-backed bonds. Thousands took to the streets carrying signs reading “No to bitcoin” and at one point burning one of the bitcoin ATMS that had been installed nationwide.

Source: Daily Nation January 26, 2022 16:49 UTC