IMF urged the authorities of El Salvador to repeal the BTC law

by in Cryptocurrency News

El Salvador

Many international organizations and agencies are calling on the leadership of El Salvador to repeal the law recognizing bitcoin as legal tender.

Recall that this document began to operate in the Latin American state since September last year. Since that time, El Salvador has been periodically buying cryptocurrency, thus increasing its reserves in BTC.

The International Monetary Fund has also previously urged El Salvador's authorities to withdraw the BTC law. This week, he made a similar call and stressed that the recognition of crypto creates the conditions for destabilizing the financial sector.

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There has been no official comment from El Salvador yet. However, earlier President Nayib Bukele said that his team does not plan to repeal the law that has caused criticism.