Executive directors of the International Monetary Fund (IMF) have urged El Salvador to remove Bitcoin's status as legal tender in the country, according to a Jan. 25 announcement from the organization.
The recommendation came as the IMF's executive board finished a so-called"Article IV consultation" with El Salvador on Jan. 24, which refers to mandated discussions the organization conducts with its member countries.
IMF executive directors"stressed that there are large risks associated with the use of Bitcoin on financial stability, financial integrity, and consumer protection, as well as the associated fiscal contingent liabilities," the latest press release stated."They urged the authorities to narrow the scope of the Bitcoin law by removing Bitcoin’s legal tender status.
IMF directors generally agreed with the previous staff report, including the view that increasing financial inclusion in El Salvador is important and digital payment systems like the government-issued Chivo wallet could have a role in doing so.
El Salvador made Bitcoin legal tender alongside the U.S. dollar on Sept. 7, a few months after president Nayib Bukele
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