El Salvador Angrily Rejects IMF Call To Drop Bitcoin Use

The government of El Salvador on Monday rejected a recommendation by the International Monetary Fund to drop Bitcoin as legal tender in the Central American country. ABC News reports: Treasury Minister Alejandro Zelaya angrily said that 'no international organization is going to make us do anything, anything at all.' Zelaya told a local television station that Bitcoin is an issue of 'sovereignty.' 'Countries are sovereign nations and they take sovereign decisions about public policy,' he said.

The IMF recommended last week that El Salvador dissolve the $150 million trust fund it created when it made the cryptocurrency legal tender and return any of those unused funds to its treasury. The agency cited concerns about the volatility of Bitcoin prices, and the possibility of criminals using the cryptocurrency. After nearly doubling in value late last year, Bitcoin has plunged in value. Zelaya said El Salvador has complied with all financial transaction and money laundering rules.

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