IMF asked El Salvador to narrow its scope of Bitcoin-tied laws.
The UN agency is currently in talk with El Salvdor officials over Bitcoin.
El Salvador has 5,748.8 bitcoins worth $352 million at press time.
The International Monetary Fund (IMF) has asked the *Government of El Salvador to reduce the country’s exposure to Bitcoin (BTC), citing concerns about the nation’s Bitcoin legislation and widespread use of the cryptocurrency.
Julie Kozack, the IMF’s director of communications, stated in a press briefing on Thursday that the organization is in talks with representatives of El Salvador, expressing disapproval of the nation’s Bitcoin strategies and highlighting the risks associated with Bitcoin. She said:
“What we have recommended is a narrowing of the scope of the bitcoin law, strengthening the regulatory framework and oversight of the bitcoin ecosystem, and limiting public sector exposure to bitcoin.”
Kozack added that the IMF is working towards an agreement with El Salvador to introduce a new IMF-supported program to “help with macroeconomic stabilization and adjustment and also growth-enhancing reforms.”
In August, the IMF announced…
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