January 25, 2022.8pm
The board of the International Monetary Fund again urged El Salvadoran to reverse its decision to make bitcoin legal tender in the country because of the financial risks associated with it.
The photo was taken by Chesnot.
The executive directors said in a statement that El Salvadoran should narrow the scope of the law by removing legal tender status for the virtual currency.
In September, El Salvador became the first and only country to accept the digital currency as legal tender.
The country applied for a loan from the International Monetary Fund last year, but it was derailed due to concerns over the president's governance.
According to Coin Gecko, the No.1 coin by market cap is Bitcoin.
The country of El Salvador has bought more than 1,500 coins of the virtual currency since it was trading at $50,000 per token last year. The country bought 410bitcoin for 15 million dollars last Friday. According to the report, El Salvadoran's loss is about $20 million because of the fall in the price of the digital currency. On Tuesday, the leadingcryptocurrencies was trading at $36,671, a slight rise from Saturday when it fell below $35,000 and marked its lowest level since July. The adoption of the virtual currency was met with widespread protests in the country, where nearly half of the population does not have internet access.
The International Monetary Fund is urging El Salvadorans to rethink on cryptocurrencies.
The International Monetary Fund urged El Salvadoran to remove legal tender status for the digital currency.
The price of the digital currency has fallen below $35,000 as the selloff nears 50% from the record high.
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