What if El Salvador’s Bitcoin experiment succeeds? Is that what the IMF really fears?
On Jan. 25, the International Monetary Fund’s (IMF) directors asked El Salvador to “narrow the scope” of its Bitcoin Law by “removing Bitcoin’s legal tender status.” Adopting a cryptocurrency as the Central American country has done “entails large risks for financial and market integrity, financial stability and consumer protection,” the fund wrote.Why did the IMF ask El Salvador to effectively pull the plug on its cryptocurrency experiment? Surely this small country — ranked 104th globally in gross domestic product (GDP) — is no threat to the international bank’s balance sheet. Moreover, 70% of El Salvador’s populace is unbanked, and one-fifth of its GDP is from United States remittances. Arguably, it could profit from Bitcoin’s (BTC) use. Then again, it’s only been half a year since El Salvador declared Bitcoin
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