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IMF urges El Salvador to abandon bitcoin

... includes 190 countries. If El Salvador does not abandon bitcoin as an official payment instrument, it may lose the opportunity to receive a loan of $ 1.3 billion. The IMF believes that bitcoin threatens financial stability of the country. The status of bitcoin in El Salvador is the main obstacle to obtaining a loan from the IMF. The loan was requested by El Salvador in 2021, Bloomberg reports. To obtain it, the approval of the Board of Directors of the IMF is required, however, the board suggests issuing a loan ...

El Salvador, bitcoin, Bitcoin City, Nayib Bukele

... Bitcoin City, with an exception of 10% VAT for the purpose of financing urban construction and services. There are no plans to introduce any pass-through tax or property tax, reports Bloomberg. Earlier Rusbankrot published a material about the fact that El Salvador became the first state to accept bitcoin as its official currency. However, protests of the local population began in the country, which expressed fear of such a strategy of the authorities. Many people are afraid of using cryptocurrency and simply do not know how to handle it. However,...

74 countries are at risk of bankruptcy due to the pandemic

... sugar at special prices. But this did not solve the problems of poor citizens. Ghana, Tunisia and El Salvador are also at risk of default. According to the Banksta telegram channel, the experience of cryptocurrency trading conducted by the President of El Salvador was unsuccessful. It is assumed that this could have caused $11 million in damage to the budget. Bitcoins purchased for $71 million are currently worth about $60 million. Experts note that servicing loans is becoming more expensive. Whereas in the first two years of the pandemic, financial regulators cut interest rates, having made borrowing cheap,...

Authorities of Laos allowed several companies to settle with cryptocurrency

... discussed in mid-September - then the question of the further fate of the use of cryptocurrency in the republic will be decided. At the same time, Laos was not the first country to adopt new forms of settlement. In early September, the official use of bitcoin was announced in El Salvador. The authorities believe that such a measure will give the national economy a powerful impetus for development. However, this optimism was not shared by the residents of the country, who actively opposed the introduction of bitcoin. Protesters ...

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