The International Monetary Fund (IMF) has advised El Salvador to reform the country’s rules on Bitcoin (BTC) as its official currency.
During a press conferenceIMF spokesperson Julie Kozack says the agency is in ongoing discussions with El Salvador on policies that can boost productivity and economic governance.
She says the conversations also include issues arising from the use of Bitcoin.
“Addressing the risks posed by Bitcoin is an important part of these discussions. And the aim, of course, is for the Fund to be able to support a credible and well-ordered policy package designed by the authorities.”
Kozack says the IMF wants El Salvador to reconsider its policies on Bitcoin, including the public’s exposure to the flagship crypto asset.
“Regarding the details about Bitcoin, we recommended reducing the scope of the Bitcoin Law, strengthening the regulatory framework and supervision of the Bitcoin ecosystem, and limiting the public sector’s exposure to Bitcoin.”
El Salvador became the first country in the world to adopt Bitcoin as a means of payment legal tender in 2021. Earlier this year, President Nayib Bukele said the Central American nation plans to continue accumulating one BTC per day.
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