IMF urges El Salvador to remove Bitcoin as legal tender

[BitHodlers]

In the recent events of the International Monetary Fund (IMF) vs El Salvador 🇸🇻, I came across this thread while searching for related threads on the matter, and it caught my attention that the IMF has been against El Salvador and President Bukiele from the beginning since they declared bitcoin legal tender.
The IMF claims to know better than the government and has been trying to impose their decisions and opinions on the government,

The irony here is not lost, because most of IMF interventions have been terrible for the local population and great for globalists and rich people. It is just a very big and corrupt organization, nothing more to it.

Is the IMF right to hinder their bitcoin progress or is President Bukele making a mistake ?

They have no right to do that, it is just a totalitarian idea. They can request they their money not be spent for this, but they can't micromanage the spending of a country just because they loaned them some money. They shouldn't care what they do with it, as long as they repay as agreed.

[X-ray]

So, International Monetary fund demands that El Salvador remove bitcoin as legal tender, otherwise it refuses to give loans to the country.

It seems the IMF fears that many other countries are soon likely to follow in the steps of El Salvador. Now under pressure, i hope the president of El Salvador doesn't bulge and remove bitcoin as a legal tender, it will be a big disappoint and set back to the crypto community. In a long run, say the current president doesn't bulge, i hope his successor will be one who shares his current plan to make El Salvador a safe haven for bitcoin, so that there can be continuity.

It seems recently el salvador just added more bitcoin into their stash, truly fascinating move.

Don't know what el salvador is aiming though but the fact that el salvador has profited so hard from bitcoin means they are conscious enough to keep holding onto bitcoin.

It seems in this case, el salvador just gonna ignore IMF outright.

[avp2306]

So, International Monetary fund demands that El Salvador remove bitcoin as legal tender, otherwise it refuses to give loans to the country.

It seems the IMF fears that many other countries are soon likely to follow in the steps of El Salvador. Now under pressure, i hope the president of El Salvador doesn't bulge and remove bitcoin as a legal tender, it will be a big disappoint and set back to the crypto community. In a long run, say the current president doesn't bulge, i hope his successor will be one who shares his current plan to make El Salvador a safe haven for bitcoin, so that there can be continuity.

It seems recently el salvador just added more bitcoin into their stash, truly fascinating move.

Don't know what el salvador is aiming though but the fact that el salvador has profited so hard from bitcoin means they are conscious enough to keep holding onto bitcoin.

It seems in this case, el salvador just gonna ignore IMF outright.

Yes they are buying more and it seems that they don't have any plan to stop despite of IMF suggestion that they should stop purchasing Bitcoin.

Also maybe this site would answer your question about their aim on Bitcoin https://elsalvadorinfo.net/bitcoin-adoption-in-el-salvador-a-transformational-journey/

For many good things happen on Bitcoin now for sure that El Salvador would just ignore IMF since for sure that they don't want to miss something especially that they know Bitcoin future is so promising.

[Agbe]

Imf has been known to opposing any country that wants to make a significant progress in their economy they want the world to be under their country so am not particularly surprised about the news because ImF wants countries to always be running to them for loans with heavy interest rate and in the middle of that tell the country to either devalue their currency or do their bidding so El Salvador should not listen to what the IMF is saying they should continue with the Bitcoin because what the IMF is afraid is the economic prosperity of electricity Salvador that Bitcoin will bring

[AmoreJaz]

It seems the IMF fears that many other countries are soon likely to follow in the steps of El Salvador. Now under pressure, i hope the president of El Salvador doesn't bulge and remove bitcoin as a legal tender, it will be a big disappoint and set back to the crypto community. In a long run, say the current president doesn't bulge, i hope his successor will be one who shares his current plan to make El Salvador a safe haven for bitcoin, so that there can be continuity.

It seems recently el salvador just added more bitcoin into their stash, truly fascinating move.

Don't know what el salvador is aiming though but the fact that el salvador has profited so hard from bitcoin means they are conscious enough to keep holding onto bitcoin.

It seems in this case, el salvador just gonna ignore IMF outright.

We don't know what's the real score between IMF and El Salvador. But in case, El Salvador just need to follow the protocol of IMF so they can loan money or of that sort. But I believe, they are still pro-btc no matter what. And also, if they will change their President, the approach to crypto market may vary depending on the sentiments of the new Pres to this volatile market. But as of now, El Salvador is seen to be the game-changer in crypto as they were the first to recognize btc as the legal tender. So yeah, they are now part of the btc history.

[Stella Mese]

It seems recently el salvador just added more bitcoin into their stash, truly fascinating move.

Don't know what el salvador is aiming though but the fact that el salvador has profited so hard from bitcoin means they are conscious enough to keep holding onto bitcoin.

It seems in this case, el salvador just gonna ignore IMF outright.

Even though El Salvador is facing pressure from the IMF and has revoked the payment system through bitcoin, El Salvador still fully trusts bitcoin to be used as their trusted asset. And they are always optimistic about long-term trust in bitcoin by continuing to increase its amount in investment. In this case, it could raise questions to the IMF whether El Salvador will take the agreed decision.

[justdimin]

It seems recently el salvador just added more bitcoin into their stash, truly fascinating move.

Don't know what el salvador is aiming though but the fact that el salvador has profited so hard from bitcoin means they are conscious enough to keep holding onto bitcoin.

It seems in this case, el salvador just gonna ignore IMF outright.

Yes they are buying more and it seems that they don't have any plan to stop despite of IMF suggestion that they should stop purchasing Bitcoin.

Also maybe this site would answer your question about their aim on Bitcoin https://elsalvadorinfo.net/bitcoin-adoption-in-el-salvador-a-transformational-journey/

For many good things happen on Bitcoin now for sure that El Salvador would just ignore IMF since for sure that they don't want to miss something especially that they know Bitcoin future is so promising.

I mean if that is the way the yare making more, then why would they stop? Plus, I never understood why IMF  would not want them to get bitcoin, after all they would get richer with bitcoin and that means if they ever get money from IMF, they could use their bitcoin as collateral and that would equal to them be able to pay easier. IMF should be specifically want nations to invest into bitcoin, instead of corruption like most of the time.

We should consider how IMF is having trouble getting its money back from many of the smaller nations. Plus, what did they do to make them so strong on deciding what a nation can or can't do. Just because they can give loans (literally reason why they exist) doesn't mean it should be dictating it. Just deny or accept, don't comment.

[bitgolden]

I mean if that is the way the yare making more, then why would they stop? Plus, I never understood why IMF  would not want them to get bitcoin, after all they would get richer with bitcoin and that means if they ever get money from IMF, they could use their bitcoin as collateral and that would equal to them be able to pay easier. IMF should be specifically want nations to invest into bitcoin, instead of corruption like most of the time.

We should consider how IMF is having trouble getting its money back from many of the smaller nations. Plus, what did they do to make them so strong on deciding what a nation can or can't do. Just because they can give loans (literally reason why they exist) doesn't mean it should be dictating it. Just deny or accept, don't comment.

The reason is that, if they "need" money to get a loan, then they shouldn't be making volatile investments like Bitcoin itself. Plus, they are not dictating, they are just saying "if we are going to give you a loan, and you are going to keep investing into bitcoin then we are not sure if we are going to get money back", so they are saying they just don't want to.

Just like how if you go to a bank, and get a loan, you may, but an unemployed, homeless person can go, and not get one. That difference means a lot and for that reason we are going to end up with IMF making some decisions based on who they give loan to. Not like they were given all of this money in their bank by El Salvador, so why would they be tied to them, they can request anything.

[iv4n]

It seems recently el salvador just added more bitcoin into their stash, truly fascinating move.

Don't know what el salvador is aiming though but the fact that el salvador has profited so hard from bitcoin means they are conscious enough to keep holding onto bitcoin.

It seems in this case, el salvador just gonna ignore IMF outright.

However, immediately after the announcement of the IMF agreement, El Salvador continued to purchase Bitcoin without hesitation. On December 19, the country bought $1 million worth of BTC, and again on December 22, reinforcing its long-term commitment to the digital asset.

Since 2021, El Salvador has consistently accumulated Bitcoin at a rate of 1 BTC per day (sometimes more, as seen in recent weeks). This accumulation strategy has now led the country to a major milestone: on December 29, El Salvador purchased another BTC, bringing its total to 6,000.77 Bitcoin, valued at approximately $569 million.

Source: https://www.linkedin.com/pulse/el-salvador-increases-its-bitcoin-reserves-over-6000-btc-conio-mhjaf

Bukele has a plan and it seems he has no intention of deviating from that plan... DCA. And how could they give up when they are making such a nice profit, that would be a shame.
I think we can agree that Bukele is doing a great job, so we can only cheer him on. It would be nice if some other civil servants (especially presidents) would follow his example.

[Oluwa-btc]

Good to see these crooks getting nervous! 

Thats a very very very good sign for Bitcoin. But I expect they will learn all too soon that Bitcoin is unstoppable. Try as they may, its already too late!

That being said, I think its a very irresponsible move and perhaps even a illegal action of the IMF to pressure anyone into something. Since when is the IMF allowed to exert political pressure on countries? I think thats a very serious breach for a "fund". I am hoping to see legal action from the side of El Salvador sooner or later to put these IMF dogs in their place with the rest of the banker fanboys.

All along,I didn't come across such an information but it's amazing to realize and recall that Bitcoin has really tried over the years.Over facing numerous back and forth in general.Out now El Salvador has consistently focused on improving other than outlining critics in the different phases.El Salvador gets an applaud from me for staying outta pressure and being an example for Bitcoin.😁

[Fortify]

IMF urges El Salvador to remove Bitcoin as legal tender

The International Monetary Fund (IMF) has urged El Salvador to reverse its decision to make Bitcoin legal tender.

In September, El Salvador became the first country to allow consumers to use the cryptocurrency in all transactions, alongside the US dollar.

The decision led to large-scale protests over fears it would bring instability and inflation to the impoverished Latin American country.

Bitcoin has lost about half its value since November.

The IMF has warned President Nayib Bukele of the risks the cryptocurrency poses to the country, stressing that it would be difficult to get a loan from the institution.

https://www.bbc.com/news/world-latin-america-60135552


So, International Monetary fund demands that El Salvador remove bitcoin as legal tender, otherwise it refuses to give loans to the country.

They are doing so to protect the people, as bitcoin will "bring instability and inflation"

How come a deflationary currency will increase the inflation ? WTF!

they continue, saying that IMF wants to protect the consumers:

They highlighted the "large risks associated with the use of Bitcoin on financial stability, financial integrity and consumer protection" and with issuing Bitcoin-backed bonds.

We don't know what is good for us, but they know it.

The simple fact remains, that if El Salvador wants to borrow money from the IMF then they are within their rights to ask for concessions or terms which are acceptable to them. It seems now, with Bitcoin at all time highs, that El Salvador has probably made some money on their original start up investment into Bitcoin, but at the time this happened BTC was trending downwards and the superficial economists at the IMF decided that it was too risky. Ultimately, if a country is asking to be bailed out then perhaps the best course of action for them is to stick with traditional methods to right their economy - so they can give their people jobs, food and security, leaving the more adventurous investment ideas to countries that have the money to fund it themselves.

[Oluwa-btc]

So, International Monetary fund demands that El Salvador remove bitcoin as legal tender, otherwise it refuses to give loans to the country.

They are doing so to protect the people, as bitcoin will "bring instability and inflation"

How come a deflationary currency will increase the inflation ? WTF!

they continue, saying that IMF wants to protect the consumers:

Wow!! Fvck the incompetent international monetary fund,  they now give advice? Are they any good. They've been here since colonisation and they've done nothing but trap down countries into debt with their pathetic loans. Look at the past and see how incompetent they've been.

If you want examples, Gaddafi,  Thomas Sankara and Patrice Lumumba are old names who said no to their policies and did well independently. You can also look at the current Burkina Faso doing well and it's already two plus years saying no to the loans and aid of the IMF. The president of El Salvador has done quite well not to listen to their demands. I do think it's that time the world demands a new financial structure and body and move on from the world bank and IMF.

[Mate2237]

If there is one thing that the IMF is known for is using their loans in making sure that they cripple the economy of countries using this type of advice which to me is not needed because after advice like this the next thing that they will tell the country leaders to do is to get a loan from them with high interest rate and with their conditions which may include devaluing the local currency of the country involved so El Salvador should not buy into this trap in form of an advise.


The IMF knows that El Salvador is breaking out of the grip of the world financial system which is highly monopolized in favoring a few and El Salvador adapting bitcoin is ba direct threat to that system that has worked for years Bitcoin is the way to go for any country because Bitcoin is the currency of the future world financial system that will replace this current one

[coupable]

If there is one thing that the IMF is known for is using their loans in making sure that they cripple the economy of countries using this type of advice which to me is not needed because after advice like this the next thing that they will tell the country leaders to do is to get a loan from them with high interest rate and with their conditions which may include devaluing the local currency of the country involved so El Salvador should not buy into this trap in form of an advise.


The IMF knows that El Salvador is breaking out of the grip of the world financial system which is highly monopolized in favoring a few and El Salvador adapting bitcoin is ba direct threat to that system that has worked for years Bitcoin is the way to go for any country because Bitcoin is the currency of the future world financial system that will replace this current one

The IMF is not required to understand and take into account the specificity of El Salvador's situation, because that is not its mandate. This bank is a financing institution operating solely for the purpose of generating profits from the loans it grants, so it is not obligated to sympathize with any country that applies for a loan. I don't want to play the devil's advocate, but there is a logic that must be followed when considering something or analyzing facts.

The IMF grants loans based on the assessments of credit rating agencies, since countries like El Salvador and others lack collateral to secure a loan. All they can offer are promises of repayment in the hope that the loan will stimulate the economy. In this case, what guarantees the loan will be repaid? The IMF imposes conditions on structural reforms that reduce public spending and encourage investment. Some of these conditions could threaten the national sovereignty of these countries, but the World Bank cannot be blamed for this, as it has never asked any country to borrow from it and is not responsible for the tragedies of economies plagued by corruption. El Salvador wants to secure a loan to cover its budget deficit, while also having the resources to finance its daily Bitcoin purchases. It's entirely plausible that the IMF might request a halt to the purchases or revoke the recognition of Bitcoin as collateral that the loan will be repaid as planned.