One of the great news of the crypto ecosystem in the last hours was the new warning of the International Monetary Fund towards El Salvador about its Bitcoin Law. The agency urged the Central American country to repeal the law that converts the Bitcoin in legal tender, due to the “risks” that this implies. President Nayib B Watch, true to form, responded with a meme.
“I already saw you, IMF. Very nice”, says the nice image of a famous scene from The Simpsons, where Homer can be seen wanting to attract attention in any way. Beyond that tweet, the president did not make any statement in this regard.
Since the Salvadoran Congress approved the bitcoin law as of June 2021, criticism and praise have been shared equally both inside and outside the country. The world’s largest financial institutions were not very sympathetic to the initiative, but other similar countries have considered following in its footsteps.
The IMF, specifically, has been the office that most questioned the measure in recent months. With his last warning, he questioned the potential of the initiative and suggested that it could threaten “financial stability and integrity and consumer protection”, as well as contingent fiscal liabilities.
Last year, El Salvador asked the IMF for a loan of 1,300 million dollars, which seems to be intrinsically related to the disagreement between both parties about the role of cryptocurrency in the country. If Bukele continues to defend his position -something he seems to have made clear-, it is difficult for the body to finally approve the advance.
