IMF pressures El Salvador to overhaul #Bitcoin regulations.$BTC $SUI $TON

According to the International Monetary Fund, El Salvador has a 3% annual GDP growth rate and roughly $144 million in outstanding loans.

During an Oct. 3 press conference, the International Monetary Fund (IMF) renewed calls pressuring El Salvador to scale back its #Bitcoin policies and overhaul the regulatory framework surrounding the digital asset.

Julie Kozack, the director of the IMF communications department, did not specify the exact details behind the proposed regulatory shift but instead provided this statement:

"What we have recommended is a narrowing of the scope of the bitcoin law, strengthening the regulatory framework and oversight of the bitcoin ecosystem, and limiting public sector exposure to bitcoin."

Since El Salvador legalized Bitcoin as a form of legal tender in 2021, the IMF has pressured the South American country to step away from Bitcoin and embrace traditional financial infrastructure.

In August 2024, the IMF voiced the same demands but admitted that many of the purported risks of #Bitcoin adoption “have not yet materialized.”