This isn’t the first time that the IMF raised concerns over El Salvador’s bitcoin move. In June 2021, the institution said adopting Bitcoin as an official tender “raises a number of macroeconomic, financial, and legal issues that require very careful analysis.”
In September 2021, El Salvador officially adopted Bitcoin as a legal tender. This makes the country the first in the world to consider cryptocurrency as equal to the U.S. dollar — El Salvador’s other local currency. Since El Salvador’s move, the country’s president Nayib Bukele has bought over 1,000 coins.
