International Monetary Fund To Assist El Salvador’s Government With Bitcoin Adoption
2022-05-24 16:18:49
International Monetary Staff In Talks With El Salvadoran Government Representative
El Salvador became the first nation in the world to adopt Bitcoin as a legal tender in September 2021 and businesses are to accept it as a means of payment. This was bullish for the cryptocurrency community but was met with resistance from different governmental bodies globally, including the International Monetary Fund (IMF). As El Salvador took the lead last year, the Central Africa Republic (CAR) has joined in the race and this calls for more concern by the International Monetary Fund. Which nation will be next to adopt Bitcoin as a legal tender?
The general cryptocurrency market was down last week, and at the time of writing this article, you can buy Ethereum and other cryptocurrencies at the gate.io exchange. Sign up at gate.io to learn more about buying, selling, trading, and staking your cryptocurrencies. This exchange has other features and it is one of the top 10 exchange platforms globally, which makes it reliable and very secure. Out of 84 votes, 62 voted for the adoption of bitcoin in the El Salvador Congress in 2021 and it was officially passed into the bill. What are the organizations and government agencies that will assist El Salvador to achieve their dreams?
The month of May will make it 8 months into the adoption of Bitcoin as a legal tender by El Salvador. Although the market has been bearish for a few weeks and at the time of writing. The President took to his Twitter handle the second week of the month of May that the country bought the dip at a rate of $30,744 per bitcoin, this was before bitcoin dipped below the $29,000 price. Also on May 16th, the President of El Salvador announced via his official Twitter handle that 32 central banks and 12 financial authorities (44 countries) will meet in El Salvador to discuss financial inclusion and the digital economy.
Recall in 2021, the International Monetary Fund recommended El Salvador not to use Bitcoin as a legal tender, and in January 2022, IMF also urged the country to reverse its decision to make bitcoin a legal tender. While the adoption of bitcoin was seen as a means to help millions of El Salvador, the IMF has been completely against it. There have been several meetings between representatives of the El Salvadoran government and the International Monetary Fund staff regarding the bitcoin law.
Moreover, last week during a conference, Gerry Rice, a spokesperson for IMF stated that “The discussions are ongoing, including the advancement of the authorities in the collection of statistics on the use of bitcoin and other information related to the adoption of bitcoin as legal tender in El Salvador”. The IMF is providing technical assistance to the government regarding the bitcoin law. Will the outcome of the talk propel a bearish cycle for the crypto market? Check out the Gate.io exchange blog for the latest update on cryptocurrencies.
El Salvador became the first nation in the world to adopt Bitcoin as a legal tender in September 2021 and businesses are to accept it as a means of payment. This was bullish for the cryptocurrency community but was met with resistance from different governmental bodies globally, including the International Monetary Fund (IMF). As El Salvador took the lead last year, the Central Africa Republic (CAR) has joined in the race and this calls for more concern by the International Monetary Fund. Which nation will be next to adopt Bitcoin as a legal tender?
The general cryptocurrency market was down last week, and at the time of writing this article, you can buy Ethereum and other cryptocurrencies at the gate.io exchange. Sign up at gate.io to learn more about buying, selling, trading, and staking your cryptocurrencies. This exchange has other features and it is one of the top 10 exchange platforms globally, which makes it reliable and very secure. Out of 84 votes, 62 voted for the adoption of bitcoin in the El Salvador Congress in 2021 and it was officially passed into the bill. What are the organizations and government agencies that will assist El Salvador to achieve their dreams?
International Monetary Funds In Talks With El Salvador
The month of May will make it 8 months into the adoption of Bitcoin as a legal tender by El Salvador. Although the market has been bearish for a few weeks and at the time of writing. The President took to his Twitter handle the second week of the month of May that the country bought the dip at a rate of $30,744 per bitcoin, this was before bitcoin dipped below the $29,000 price. Also on May 16th, the President of El Salvador announced via his official Twitter handle that 32 central banks and 12 financial authorities (44 countries) will meet in El Salvador to discuss financial inclusion and the digital economy.
Recall in 2021, the International Monetary Fund recommended El Salvador not to use Bitcoin as a legal tender, and in January 2022, IMF also urged the country to reverse its decision to make bitcoin a legal tender. While the adoption of bitcoin was seen as a means to help millions of El Salvador, the IMF has been completely against it. There have been several meetings between representatives of the El Salvadoran government and the International Monetary Fund staff regarding the bitcoin law.
Moreover, last week during a conference, Gerry Rice, a spokesperson for IMF stated that “The discussions are ongoing, including the advancement of the authorities in the collection of statistics on the use of bitcoin and other information related to the adoption of bitcoin as legal tender in El Salvador”. The IMF is providing technical assistance to the government regarding the bitcoin law. Will the outcome of the talk propel a bearish cycle for the crypto market? Check out the Gate.io exchange blog for the latest update on cryptocurrencies.
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