{"id":38942,"date":"2024-10-04T13:56:20","date_gmt":"2024-10-04T13:56:20","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/imf-recommends-el-salvador-to-limit-the-publics-exposure-to-bitcoin\/"},"modified":"2024-10-04T13:56:20","modified_gmt":"2024-10-04T13:56:20","slug":"imf-recommends-el-salvador-to-limit-the-publics-exposure-to-bitcoin","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/imf-recommends-el-salvador-to-limit-the-publics-exposure-to-bitcoin\/","title":{"rendered":"IMF recommends El Salvador to limit the public&#8217;s exposure to Bitcoin"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/07_image1-10-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/07_image1-10-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/07_image1-10-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/07_image1-10-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li aria-level=\"1\">The IMF wants El Salvador to limit \u201cpublic sector exposure to Bitcoin\u201d<\/li>\n<li aria-level=\"1\">The financial agency\u2019s remarks follow an August statement, which talked about \u201cmitigat[ing] the risks from Bitcoin\u201d<\/li>\n<\/ul>\n<p>The International Monetary Fund (IMF) has recommended that El Salvador reduce the scope of its Bitcoin law and limit the public\u2019s exposure to Bitcoin.<\/p>\n<p>During a press conference, IMF spokesperson Julie Kozack <a href=\"https:\/\/www.imf.org\/en\/Videos\/view?vid=6362814768112\" target=\"_blank\" rel=\"noopener\">said<\/a>:<\/p>\n<p>\u201cWhat 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.\u201d<\/p>\n<p>Kozack added that the IMF continues talking with <a href=\"https:\/\/coinjournal.net\/search\/el+salvador\">El Salvador<\/a> and that \u201caddressing risks arising from Bitcoin is a key element of these discussions.\u201d<\/p>\n<p>The Central American country is no stranger to the IMF\u2019s views on its use of Bitcoin. Notably, the issue goes back to 2021 when <a href=\"https:\/\/coinjournal.net\/news\/weekly-report-el-salvadors-bitcoin-adoption-becomes-official\/\">El Salvador made Bitcoin legal tender<\/a>. Following its official adoption, the <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2021\/11\/22\/mcs-el-salvador-staff-concluding-statement-of-the-2021-article-iv-mission\" target=\"_blank\" rel=\"noopener\">IMF released a statement<\/a> in November 2021 \u201crecommend[ing] narrowing the scope of the Bitcoin law\u201d while \u201cstrengthening the regulation and supervision of the new payment system.\u201d<\/p>\n<p>This was again called for in January 2022 when the IMF advised El Salvador to <a href=\"https:\/\/coinjournal.net\/news\/imf-wants-el-salvador-to-drop-bitcoin-as-legal-tender\/\">reconsider its decision on Bitcoin as the country\u2019s legal tender<\/a>.<\/p>\n<p>More recently, the IMF <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2024\/08\/06\/pr-24302-el-salvador-imf-staff-statement\" target=\"_blank\" rel=\"noopener\">released a statement<\/a> in August that focused on, among other things, the need to \u201cmitigate the risks from Bitcoin.\u201d However, the financial agency did note that while \u201cmany of the risks have not materialized, there is joint recognition that further efforts are needed to enhance transparency..\u201d in Bitcoin.<\/p>\n<h2>Still committed to Bitcoin<\/h2>\n<p>Despite these remarks from the IMF and the continued back-and-forth, El Salvador remains unchanged in its mission to see Bitcoin rise in the country.<\/p>\n<p>However, while the government is keen to see adoption numbers rise, Nayib Bukele, El Salvador\u2019s pro-Bitcoin president, knows more work needs to be done. In a recent interview with <a href=\"https:\/\/time.com\/7015636\/president-nayib-bukele-interview\/\" target=\"_blank\" rel=\"noopener\">TIME magazine<\/a>, Bukele admitted that his Bitcoin strategy for El Salvador had been \u201cnet positive,\u201d but it hasn\u2019t witnessed the \u201cwidespread adoption\u201d they hoped for.<\/p>\n<p>Despite this, Bukele remains committed, even going so far as to <a href=\"https:\/\/coinjournal.net\/news\/el-salvador-buys-additional-420-bitcoins-as-price-dips\/\">buy additional Bitcoin<\/a> when the <a href=\"https:\/\/coinjournal.net\/news\/el-salvador-buys-the-dip-in-crypto-commitment\/\">price drops<\/a>. The country also promised to use the profit it makes from its Bitcoin Trusts to <a href=\"https:\/\/coinjournal.net\/news\/el-salvador-to-use-surplus-bitcoin-trust-funds-to-build-20-schools\/\">build 20 schools<\/a> as it works at making crypto more appealing to its citizens.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/imf-recommends-el-salvador-to-limit-the-publics-exposure-to-bitcoin\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) The IMF wants El Salvador to limit \u201cpublic sector exposure to Bitcoin\u201d The financial agency\u2019s remarks follow an August statement, which talked about \u201cmitigat[ing] the risks from Bitcoin\u201d The International Monetary Fund (IMF) has recommended that El Salvador reduce the scope [&hellip;]<\/p>\n","protected":false},"author":3947362367,"featured_media":38943,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/38942"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362367"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=38942"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/38942\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/38943"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=38942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=38942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=38942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}