{"id":172635,"date":"2024-10-04T15:10:59","date_gmt":"2024-10-04T15:10:59","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=172635"},"modified":"2024-10-04T15:11:03","modified_gmt":"2024-10-04T15:11:03","slug":"imf-urges-el-salvador-to-reconsider-scope-of-bitcoin-law-in-growth-reform-talks","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/imf-urges-el-salvador-to-reconsider-scope-of-bitcoin-law-in-growth-reform-talks\/","title":{"rendered":"IMF Urges El Salvador to Reconsider Scope of Bitcoin Law in Growth Reform Talks"},"content":{"rendered":"<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">TL;DR<\/span><\/span><\/strong><\/p>\n<ul style=\"text-align: justify\">\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The IMF is urging El Salvador to limit its Bitcoin law and restrict public sector participation in the use of this cryptocurrency.<\/span><\/span><\/li>\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The IMF&#8217;s recommendations come amid talks to establish an agreement to support the country&#8217;s macroeconomic stabilization.<\/span><\/span><\/li>\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">President Nayib Bukele has noted that BTC adoption has had mixed results, although he considers it still a \u201cnet positive result.\u201d<\/span><\/span><\/li>\n<\/ul>\n<hr \/>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">International Monetary Fund (IMF)<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> has reiterated its <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">critical stance<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> regarding <\/span><span style=\"vertical-align: inherit\">El <\/span><strong><span style=\"vertical-align: inherit\">Salvador<\/span><\/strong><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">&#8216;s bitcoin law<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, suggesting that the country should <\/span><strong><span style=\"vertical-align: inherit\">limit its scope<\/span><\/strong><span style=\"vertical-align: inherit\"> and reduce <\/span><span style=\"vertical-align: inherit\">public sector <\/span><strong><span style=\"vertical-align: inherit\">exposure to the <\/span><\/strong><a href=\"https:\/\/crypto-economy.com\/cryptocurrencies-from-a-to-d\/\"><strong><span style=\"vertical-align: inherit\">cryptocurrency<\/span><\/strong><\/a><a href=\"https:\/\/crypto-economy.com\/es\/criptomonedas-de-la-a-a-la-d\/\"><span style=\"vertical-align: inherit\">.<\/span><\/a><\/span><\/p>\n<p style=\"text-align: justify\"><!--more--><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">This approach is <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">worrying<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, as the IMF appears to <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">ignore the opportunities<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> that the use of bitcoin can offer to an <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">economy<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> seeking <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">alternatives to <\/span><\/span><\/strong><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">traditional financial<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> systems<\/span><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">In a <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">recent <\/span><\/span><a href=\"https:\/\/www.imf.org\/en\/Videos\/view?vid=6362814768112\" target=\"_blank\" rel=\"noopener\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">press conference<\/span><\/span><\/a><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, Julie Kozack<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, director of <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">communications<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> at the IMF, emphasized that the organization maintains a <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">constant dialogue<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> with the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Salvadoran authorities<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, but its recommendations are more in line with a <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">conservative<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> stance than with the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">innovation<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> that the country needs.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The IMF is seeking to reach an <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">agreement<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> that would supposedly facilitate <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">macroeconomic stabilization<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> and promote <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">reforms<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> that foster <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">growth<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">However, it is important <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">to question the real intention<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> behind these suggestions. Is it really the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">well-being<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> of the Salvadoran economy that the IMF is after, or is it rather about <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">preserving the status quo<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> of a global financial system that has failed to provide <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">effective solutions to <\/span><\/span><\/strong><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">developing<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> countries<\/span><span style=\"vertical-align: inherit\">?<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The IMF&#8217;s warnings <\/span><span style=\"vertical-align: inherit\">about the <\/span><strong><span style=\"vertical-align: inherit\">risks<\/span><\/strong><span style=\"vertical-align: inherit\"> associated with bitcoin are valid, but they should not be used as <\/span><strong><span style=\"vertical-align: inherit\">a pretext <\/span><\/strong><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">to<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> limit <\/span><strong><span style=\"vertical-align: inherit\">the economic sovereignty<\/span><\/strong><span style=\"vertical-align: inherit\"> of a country that has decided to explore new avenues of <\/span><strong><span style=\"vertical-align: inherit\">development<\/span><\/strong><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Since the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">implementation<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> of the BTC law in <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">September 2021<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, El Salvador has become the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">first country<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> to adopt this cryptocurrency as <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">legal tender<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Although President <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Nayib Bukele<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> has acknowledged that <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">adoption<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> has been <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">limited<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> and has had <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">mixed results<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, his <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">positive stance<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> towards bitcoin suggests that he sees in this measure an <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">opportunity<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> to transform the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Salvadoran economy<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The IMF&#8217;s <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">insistence<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> on restricting the use of bitcoin raises a <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">significant challenge<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">: the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">struggle<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> between <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">innovation<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> and <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">control<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-91521\" src=\"https:\/\/crypto-economy.com\/es\/\/wp-content\/uploads\/sites\/4\/2024\/10\/Captura-de-Pantalla-2024-10-04-a-las-12.05.35.png\" alt=\"IMF Urges El Salvador to Reconsider Scope of Bitcoin Law in Growth Reform Talks\" width=\"825\" height=\"300\" \/><\/p>\n<h2><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The risks of excessive regulation in Bitcoin<\/span><\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">IMF&#8217;s approach<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> represents an <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">attempt to control<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> a process that should be <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">driven by El Salvador&#8217;s own population<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">narrative<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> that <\/span><\/span><a href=\"https:\/\/crypto-economy.com\/what-is-bitcoin\/\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">bitcoin<\/span><\/span><\/strong><\/a><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> is inherently <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">risky<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> needs to be <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">challenged<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">. While the IMF promotes its <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">restrictive view<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, other countries have <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">embraced cryptocurrencies<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> as a tool to foster <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">financial inclusion<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> and <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">investment<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Limiting access<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> to bitcoin in El Salvador could result in a <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">competitive disadvantage<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> in an increasingly <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">digitalized<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> and <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">globalized<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> world.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Furthermore, the fact that the IMF considers that the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">risks associated with BTC<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> have not yet materialized should not be a reason to <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">restrict its use<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Instead, <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Salvadoran authorities<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> should focus their efforts on developing a <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">regulatory framework<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> that enables <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">innovation<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> while <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">mitigating risks<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">El Salvador&#8217;s experience<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> could <\/span><span style=\"vertical-align: inherit\">serve as an example for other <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">developing<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> countries seeking alternatives to the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">traditional financial system<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, but this will only be possible if it is allowed to continue <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">exploring the use of bitcoin<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> without the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">restrictions imposed<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> by institutions such as the IMF.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">IMF&#8217;s call<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> to limit the use of <strong>BTC<\/strong> in <strong>El Salvador<\/strong> should be seen as an <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">attempt to maintain control<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> over <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">emerging economies<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">If El Salvador wishes to <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">forge its own economic destiny<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, it must resist <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">external pressure<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> and continue on its path toward <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">bitcoin adoption<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, a path that, while <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">challenging<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, offers the possibility of a more <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">prosperous<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> and <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">autonomous<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> future.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">fight for economic sovereignty<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> and <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">financial innovation<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> is a <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">battle<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> that El Salvador must not give up, neither to the IMF nor to any other <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">entity<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR The IMF is urging El Salvador to limit its Bitcoin law and restrict public sector participation in the use of this cryptocurrency. The IMF&#8217;s recommendations come amid talks to establish an agreement to support the country&#8217;s macroeconomic stabilization. President Nayib Bukele has noted that BTC adoption has had mixed results, although he considers it &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"IMF Urges El Salvador to Reconsider Scope of Bitcoin Law in Growth Reform Talks\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/imf-urges-el-salvador-to-reconsider-scope-of-bitcoin-law-in-growth-reform-talks\/#more-172635\" aria-label=\"More on IMF Urges El Salvador to Reconsider Scope of Bitcoin Law in Growth Reform Talks\">Read more<\/a><\/p>\n","protected":false},"author":33,"featured_media":172636,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[88,84,74],"tags":[4602,4620,4656,5001],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172635"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=172635"}],"version-history":[{"count":1,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172635\/revisions"}],"predecessor-version":[{"id":172637,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172635\/revisions\/172637"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/172636"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=172635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=172635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=172635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}