Weekly Report - 16 February 2023 (WR-23-07)

EL SALVADOR | More IMF concerns over bitcoin risks. The International Monetary Fund (IMF) issued a new statement on 10 February following the conclusion of an Article IV consultation. A vocal critic of the decision by the government led by President Nayib Bukele to adopt cryptocurrency bitcoin as legal tender, which was implemented in September 2021 [WR-22-47], the IMF says that while risks have “not materialised due to the limited bitcoin use so far - as suggested by survey and remittances data - its use could grow given its legal tender status and new legislative reforms to encourage the use of crypto assets, including tokenised bonds”.

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