El Salvador insists on the IMF that all Bitcoin, dollars agreed | Business and Economic Affairs
Central America’s finance minister has confirmed to the International Monetary Fund (IMF) that El Salvador has no plans to lose the dollar.
El Salvador will not replace the US dollar and Bitcoin as legal tender, Finance Minister Alejandro Zelaya said on Wednesday, as Central America sought help from the World Bank to enforce the Bitcoin law.
This month, El Salvador became the first country to adopt Bitcoin as a legitimate currency, while President Nayib Bukele says cryptocurrency is the only way to send money to the people of Salvador.
El Salvador has been using the US currency if the legal tender for the past 20 years has discontinued its use.
Finance Minister Zelaya said he had informed the International Monetary Fund (IMF) last week that El Salvador would not abandon US currency and create cryptocurrency currency.
“We have submitted our proposals to the IMF. We have been adamant, we are not repaying US money as legitimate money in El Salvador,” Zelaya told a news conference.
El Salvador is in the process of negotiating a debt with the IMF for a $ 1bn program to address budget gaps through 2023.
Zelaya said El Salvador was still in talks with the IMF, and said the talks had gone well.
“El Salvador has also appealed to the World Bank for legalization and implementation of Bitcoin,” said Zelaya.