IMF Urges El Salvador To Ditch Bitcoin

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The executive board of the International Monetary Fund issued a statement on Tuesday urging El Salvador to remove Bitcoin’s legal tender status in the country, citing concerns over risks the digital currency allegedly poses to financial stability and market integrity.

The recommendation from the IMF comes as directors seek to stir the Central American country back to a position of better odds of receiving the $1.3 billion loan it asked the international institution for last year as high debt leads to increasing financing needs, the directors noted in the statement.

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