El Salvador Holds Ground on Bitcoin, Rejecting IMF’s Fresh Appeal to Abandon BTC as Official Currency

By Benito Cormi Feb 3, 202491Views

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El Salvador Reaffirms Commitment to Bitcoin Law

El Salvador’s Vice President Félix Ulloa has stated that the country will continue to recognize bitcoin as legal tender, even after the International Monetary Fund (IMF) urged the country to drop the cryptocurrency during negotiations for a billion-dollar loan. According to Ulloa, the recent approval of bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) has only strengthened their determination. El Salvador became the first country to adopt bitcoin as legal tender alongside the U.S. dollar in September 2021. Ulloa highlighted that if President Nayib Bukele and his party win the upcoming elections, they will launch bitcoin-backed bonds and proceed with the construction of Bitcoin City.

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Benito Cormi

Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.