IMF Report On El Salvador Is Positive… Except For Everything Bitcoin-Related

In a recent report, the IMF praises the way El Salvador handled the COVID-19 situation and announces their economy grew 10% in 2021. The International Monetary Fund also recognizes El Salvador’s government efforts to reduce crime, “diversify the energy matrix, foster economic diversification, and enhance financial inclusion.” However, when it comes to Bitcoin, the IMF is completely against it. As they should. Because Bitcoin renders them irrelevant. But first, about the report titled “El Salvador: Staff Concluding Statement of the 2021 Article IV Mission” “A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement.” Anyway, let’s go to the IMF’s wacky opinions about Bitcoin. BTC price chart for 11/23/2021 on Oanda | Source: BTC/USD on TradingView.com What Does The IMF Think About Bitcoin As Legal Tender? After praising El Salvador’s efforts to foster “financial inclusion and raise growth,” the IMF attacks the very tool that the country’s government is using to accomplish that. “Given Bitcoin’s high price volatility, its use as a legal tender entails significant risks to consumer protection, financial integrity, and financial stability. Its use also gives rise to fiscal contingent liabilities. ...