IMF “provides technical assistance” to El Salvador in compiling Bitcoin usage statistics

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2022-05-25 02:53:29

The IMF will provide “technical assistance” to El Salvador in compiling Bitcoin usage statistics in the country.

IMF “provides technical assistance” to El Salvador in compiling Bitcoin usage statistics

Negotiations between the IMF and the country of El Salvador

In the midst of the growing cryptocurrency market, more and more countries are taking notice and starting to accept Bitcoin (BTC) as a legal asset. At the same time, global financial supervision agencies are also trying to influence to gain as much control as possible, among them is the International Monetary Fund (IMF).

According to Gerry Rice, a spokesman for the organization, the IMF is in talks with the El Salvador government on important issues that the IMF Executive Board raised in its previous report in January.

“This is part of ongoing discussions, including the progress made by the authorities in collecting statistics on Bitcoin usage and other information regarding the adoption of Bitcoin in the legal tender in El Salvador. Therefore, we would like to provide technical support for the compilation of Bitcoin usage statistics.”

Contrary to the harsh moves in the past, the IMF still regularly holds conversations with representatives of the El Salvador government. They held debates on the fight against money laundering, fiscal transparency, accountability in the use of public funds, strengthening the anti-corruption framework in line with international standards, and many other issues.

However, as of now it has not revealed how much technical assistance the IMF will provide in quantifying the use of Bitcoin and cryptocurrencies in the country.

IMF’s stance on cryptocurrencies

For a long time, the IMF has repeatedly criticized digital assets, warned many times about the risks when applying them, and affirmed that the use of cryptocurrencies is often applied by corrupt countries. Recently, IMF officials have urged El Salvador stops recognizing Bitcoin as currency and expressed concern over the country’s plan to issue “Bitcoin bonds”.

El Salvador was the first country in the world to recognize BTC as currency in September 2021. President Nayib Bukele has since made pro-BTC moves on social media and developed plans to bring Bitcoin into the Latin American nation’s economy.

However, with the crypto market’s recent historic LUNA-UST crash, Bukele’s Bitcoin “bottom-fishing” investments are said to be losing money.

In addition, local media have reported that El Salvador is negotiating a loan of up to $1.3 billion with the IMF. What is the truth will be updated by CHK later.

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