Gerry Rice, the spokesperson of the International Monetary Fund (IMF), said today on the agency’s press briefing that a particular IMF team is set to meet with El Salvador President Nayib Bukele due to raising financial and legal concerns following the country’s passing to recognize Bitcoin (BTC) as legal tender. This is on top of the ongoing discussions of the country’s lawmakers and IMF regarding a massive loan to aid its economy’s resurgence.
According to Rice, adopting BTC as legal tender would spring up several financial, macroeconomic, and legal issues that would require thorough analysis, thus, their intentions to meet with Bukele regarding the subject. He adds that they are currently following the situation very closely as they continue their consultations with involved authorities.
Despite the IMF’s growing concerns about his country’s BTC aspirations, Bukele seemingly remains all-in on the crypto, stating on his Twitter account that every establishment within El Salvador would soon openly accept BTC as much as they do with US dollars. Ultimately, Bukele desires to supply alternative resources for the unbanked citizens of El Salvador, which is reportedly over 70% – receiving overwhelming praises from fellow crypto proponents while raising some eyebrows of regulators. Unfortunately, the IMF seemingly belongs to the latter.