El Salvador reportedly urged by IMF to remove bitcoin as legal tender – CNET

Breaking News:
Los Angeles
Friday, Jun 9, 2023
The International Monetary Fund is urging El Salvador to remove bitcoin as legal tender, reports Tuesday said. The IMF board is also asking for more regulations around the e-wallet used in El Salvador.
Bitcoin became legal tender in El Salvador in June 2021, a move that sparked protests across the country in September. When it launched, Salvadorans were able to use their national IDs to sign up for a cryptocurrency wallet app Chivo, which came with $30 worth of bitcoin as part of the government’s drive to adopt the cryptocurrency.
Spice up your small talk with the latest tech news, products and reviews. Delivered on weekdays.
Read more: El Salvador and Bitcoin: Everything you need to know
The IMF didn’t immediately respond to a request for comment, but reportedly said in statements its board members “urged the authorities to narrow the scope of the bitcoin law by removing bitcoin’s legal tender status” after a consultation.