### President Nayib Bukele's decision in 2021 was one of the most intriguing and even helped spur other nations to start considering whether to legalize the usage of digital currencies within their own borders.

The International Monetary Fund (IMF) has not been entirely in agreement with countries making investments in digital assets since they do not have support or any regulation that allows them to operate as a traditional currency supported by some other help.



The IMF has raised doubts about El Salvador's commitment to accept Bitcoin as a legitimate method of payment due to Bitcoin's well-known volatile price behavior, which has been well documented.



President Bukele has pushed for the adoption of Bitcoin, arguing that it will help more El Salvadorians, of whom over 70% do not have bank accounts, partake in the formal economy. According to him, using cryptocurrencies would make it simpler to receive remittances from abroad in a timely and cost-effective manner. It would also help the indebted country break free from the influence of the established international monetary system.



In order to promote financial inclusion and economic progress, El Salvador has created a legal framework for cryptocurrencies to provide businesses with certainty and assurance when using or investing in them. Fraud and confusion are more likely to occur in the absence of clear constraints, which can discourage adoption and impede innovation.



Overall, the IMF has advised El Salvador to reconsider its decision to adopt Bitcoin. thoroughly weighing the possible dangers and difficulties involved with cryptocurrencies. Despite the possibility of benefits for financial access and innovation, the IMF asserts that there are major risks associated with Bitcoin that must be kept under control.







President Nayib Bukele's decision in 2021 was one of the most intriguing and even helped spur other nations to start considering whether to legalize the usage of digital currencies within their own borders.

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