INTERNATIONAL MONETARY FUND ASKS EL SALVADOR TO REVERSE ITS DECISION ON BITCOIN

The International Monetary Fund, IMF, has urged El Salvador to reverse its decision to make Bitcoin legal tender. The IMF has warned President Nayib Bukele of the risks the cryptocurrency poses to the country, stressing that it will be difficult to get a loan from the institution.

In September, El Salvador became the first country to allow consumers to use the cryptocurrency in all transactions, alongside the United States dollar. The decision led to large-scale protests over fears it will bring instability and inflation to the impoverished Latin American country. Bitcoin has lost about half its value since November.