Tuesday, 21 March 2023

Crypto News

IMF wants El Salvador to reconsider Bitcoin exposure: Community reaction

IMF wants El Salvador to reconsider Bitcoin exposure: Community reaction

After a visit to El Salvador, the International Monetary Fund (IMF) suggested that the country reconsider its plans to increase exposure to Bitcoin (BTC). The community responded to the IMF’s suggestion with various messages calling out to the organization.

From dismissing the IMF’s suggestion as a simple “FUD,” to interpreting it as a strong bullish signal for BTC, various crypto community members went to social media to express their sentiments on the IMF’s efforts to discourage El Salvador’s plans for Bitcoin.

In a tweet, one community member argued that IMF’s move is a way to “scare other countries away” from the example that El Salvador has set. The Twitter user also urged others to adopt BTC and help close out central banks. They tweeted:

Influenced by El Salvador’s resilience despite an unforgiving bear market, many other countries are becoming more Bitcoin-friendly. For example, on Nov. 29, the Chamber of Deputies in Brazil approved a law that legalizes crypto as a payment method. The Brazilian president signed the bill on Dec. 22, and it’s expected to be enacted before the third quarter of 2023. However, unlike El Salvador, the law doesn’t make BTC and other cryptos legal tender within the country but will be recognized as a means of payment.

Meanwhile, another community member also commented on the issue, calling out some inconsistencies from the IMF. For example, according to Bitcoin Xoe, the IMF acknowledged that El Salvador’s GDP is projected to grow above the historical average. Despite that, the organization chose to recommend giving up Bitcoin over economic risks.

Yet another Twitter user described IMF’s efforts as “FUD.” The community member believes that Bitcoin will march on regardless of the IMF’s suggestion. On the other hand, a community member argued that this is a strong Bitcoin bull signal. According to the community member, the IMF’s hold on the developing world is slipping away.

Related: Does the IMF have a vendetta against cryptocurrencies?

El Salvador has announced many plans for Bitcoin in the country. On Nov. 17, El Salvador president Nayib Bukele announced their plans to purchase

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