IMF issues veiled warning against El Salvador’s Bitcoin law
Making any cryptocurrency a national currency “is an inadvisable shortcut” to more inclusive financial services, according to two IMF officials. The International Monetary Fund is warning that some of the consequences of a country adopting Bitcoin as a national currency “could be dire.”According to IMF marketing department financial counsellor and director Tobias Adrian and legal department general counsel and director Rhoda Weeks-Brown, a cryptocurrency like Bitcoin (BTC) may catch on in countries without stable inflation and exchange rates, and provide unbanked people with the means to....
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Everything surrounding the ACES act is almost comedic. U.S. Senators Jim Risch, Bob Menendez, and Bill Cassidy introduced the “Accountability for Cryptocurrency in El Salvador” AKA the ‘‘ACES Act.’’ It’s bipartisan legislation that would allow the U.S. to produce a full report on El Salvador’s post-Bitcoin Law situation. Related Reading | Crypto Regulation: U.S. Senator […]
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