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El Salvador’s president explains IMF plans with Bitcoin

El Salvador’s president explains IMF plans with Bitcoin

San Salvador, Jun 10 (Prensa Latina) El Salvador's President Nayib Bukele meets on Thursday with representatives of the International Monetary Fund (IMF) to explain the impact of the recent legalization of Bitcoin in this country.

The meeting takes place just two days after the Legislative Assembly of El Salvador approved the use of Bitcoin as legal tender, and while the government negotiates a $1.3 billion loan with the IMF.

The head of State admitted, however, that he must convince the international financial sector of the benefits of the so-called Bitcoin Law, approved by the ruling majority only three days after Bukele proposed it.

The possible circulation of Bitcoin has generated a mixture of optimism and anxiety in this Central American nation, where 70 percent of Salvadorans do not have a bank account, but almost half do not have access to the Internet.

The new law stipulates that the use of Bitcoin will be ‘unrestricted with liberating power, unlimited in any transaction and any title that public or private individuals or legal entities require carrying out.’


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