IMF urges El Salvador to scale back its Bitcoin push

KIFI

Published January 28, 2022 5:39 PM

By CLAUDIA TORRENS
Associated Press

NEW YORK (AP) — The International Monetary Fund says that El Salvador should dissolve the $150 million trust fund it created when it made the cryptocurrency Bitcoin legal tender and return any of those unused funds to its treasury. The recommendation was part of the international lender’s report Friday on El Salvador’s economy and went beyond its statement earlier this week urging El Salvador to drop Bitcoin as legal tender. The trust fund was intended to allow the automatic conversion of Bitcoin to U.S. dollars _ El Salvador’s other currency _ to encourage people wary of adopting the highly-volatile digital currency.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.