Defying IMF Appeals, El Salvador Maintains Strong Bitcoin Commitment
El Salvador has reaffirmed its unwavering commitment to embracing bitcoin, despite persistent calls from the International Monetary Fund (IMF) urging the country to abandon the cryptocurrency as legal tender.
In a Reuters interview, El Salvador’s Vice President, Félix Ulloa, declared that the country would continue to recognize bitcoin as legal tender throughout President Nayib Bukele’s second term, dismissing the IMF’s recommendations during negotiations for a substantial loan. Ulloa emphasized that not only will El Salvador uphold its bitcoin law, but the cryptocurrency currently holds “the greatest credibility in the entire world.” El Salvador made history in September 2021 by becoming the first country to adopt bitcoin alongside the U.S. dollar.
Ulloa confirmed that if President Bukele secures a significant victory in the upcoming elections, the government will proceed with plans to launch bitcoin-backed bonds in early 2024. The construction of Bitcoin City, a tax-free crypto haven proposed by President Bukele, and the issuance of passports to investors contributing $1 million in cryptocurrency will also move forward. Despite the IMF’s repeated calls for reconsideration, El Salvador remains resolute in its commitment to bitcoin, emphasizing the cryptocurrency’s global credibility and its plans for continued integration into the country’s financial landscape.
Clever Robot News Desk 5th February 2024
