El Salvador President Shades the IMF

President for El Salvador, Nayib Bukele shades the International Monetary Fund (IMF) and also announced the purchase of 150 bitcoin (BTC) as the crypto market experiences a massive selloff

The President tweeted saying he’s buying the dip and 150 bitcoins has been added. 

He also tweeted, taking a swipe at the International Monetary Fund IMF, the El Salvador President tweeted saying “It appears the discount is ending. Thanks for the dip @IMFNews. We saved a million in printed paper. El Salvador now holds 550 bitcoin.”

When the President of El Salvador announced the move to adopt Bitcoin as a legal tender, the IMF responded saying “adoption of bitcoin as legal tender raises several macroeconomic, financial, and legal issues that require very careful analysis,” We are following development closely, and we’ll continue our consultations with the authorities.”

Aside from the IMF, the World Bank refused to offer help to El Salvador on its adoption of Bitcoin.

The World Bank in a statement said “We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes. While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.”.

El Salvador’s Bitcoin (BTC) Day

The market dip coincided with the Bitcoin Day with El Salvador officially adopting bitcoin as a legal tender. 

The country in a bid to ensure the adoption process goes smoothly has begun setting up Bitcoin ATMs across the country. As of August, 2021, 200 Bitcoins have been established in the country.

While some are still skeptical and think the adoption of bitcoin as a legal tender by El Salvador is a bad move, the President has put in a lot of work and hopes to do more to ensure that people are able to use bitcoin as a legal tender.

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