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.
What do you think of this story? Share your comments below.
Latest Episode on Inside Blockchain
Crypto News Update
Crypto Bootcamp Community Celebrates Bitcoin Pizza Day Across Africa
The advent of Bitcoin has paved the way for seamless cross-border payments. The demand for third-party intervention in financial transactions...
Explore, Build Assets, Fight and Earn in the Supernova Space
A new economy was opened in 2017 when blockchain was integrated into gaming to produce the first Web3 game: CryptoKitties....
Owl.Games: The Rise of Crypto Games in the Casino Industry
Crypto gaming used to be new a few years ago but it’s going mainstream now. However, there are some sectors...
BCAT Africa: Reducing Unemployment in Africa
One of the greatest lines spoken in the Spiderverse is “with great power comes great responsibility”, although it can be...
Gamified NFT Platform Trove Announces Launch Partners SideQuest
Trove has announced its new Launch Partnership with SideQuest, a gamified risk-to-earn NFT collection. It was announced on Twitter today. ...