IMF urges El Salvador to scale back Bitcoin law
While doubtlessly forward-thinking, El Salvador’s Bitcoin experiment has not gone over well with international financial and regulatory bodies — the International Monetary Fund (IMF) has been a key critic since the beginning. The international body made renewed calls for reforms during program talks on October 3. El Salvador is a pioneer in terms of cryptocurrency adoption. The Central American country was the first state to adopt Bitcoin (BTC) as legal tender, having done so in September 2021. At present, the country holds 5,892 coins, worth $348,544,862 at press time, having mined at least 474 coins in 2024 alone through the use of a volcano-powered geothermal plant at Tecapa. Picks for you Here are the AI startups ChatGPT-maker OpenAI fears the most 1 hour ago ...