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From denial to acceptance: The International Monetary Fund, which criticized El Salvador for legalizing Bitcoin, is now ready to help the country with keeping statistics on cryptocurrency adoption.
More recently, the IMF harshly criticized El Salvador for giving the status of the official currency to bitcoin and predicted a collapse of the local economy. Now the international organization is changing tactics. The fund’s spokesman, Gerry Rice, said the IMF continues to consult with members of the El Salvadoran government responsible for taxation and anti-corruption.
IMF staff and el Salvadoran authorities continue to hold regular discussions on critical issues that were highlighted by our Executive Board last January.
One of the possible areas of cooperation is tracking the statistics of BTC implementation, where the fund is ready to provide technical support.
Despite IMF warnings about stability risks to the country’s economy, Salvadoran President Nayib Bukele continues to promote cryptocurrency as legal tender, with 2,300 BTC replenished the local treasury.
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