Since the crypto-industry was founded, countries have been observed trying to make the best out of the technology. However, no country ever took the liberty of adopting the entire cryptocurrency industry in its raw condition. Every country went for the products and technologies that they found were beneficial and supportive for themselves.
There was no country that adopted cryptocurrencies as a whole and gave them a complete legal status. This is when the president of El Salvador came in and shared his intentions with the entire nation as well as the parliament in a bill to fully legalize cryptocurrencies.
The bill received more than 75% support at the parliament and finally, since June 9, cryptocurrencies have a legalized status in the country. This is exactly what the president of El Salvador needed as they wasted no time and expedited the process of mining Bitcoin (BTC).
He has even contacted the head of the largest geothermal energy producing company in El Salvador to construct two more plants. The president revealed that the energy produced from these two facilities would power Bitcoin mining farms in the country.
While the entire cryptocurrency industry is celebrating the recent move made by El Salvador, the International Monetary Fund seems rather concerned with El Salvador’s recent move.
According to the latest reports, the International Monetary Fund has recently made a statement in regards to El Salvador’s decision over cryptocurrencies. The IMF has stated that many financial and legal concerns may end up popping up due to the legal tender announcement of Bitcoin.
Gerry Rice, the spokesperson for IMF has made a statement in a press briefing on Thursday. In the statement, he stated that their team was already in talks with the legal teams and lawmakers in El Salvador. They were already working on a loan deal that would support the economy of the country.
He stated that in the light of the recent events, the IMF is going to meet with Nayib Bukele, the president of El Salvador. Rice stated that apart from the loaning deal, the main topic would be the legalization of cryptocurrencies in the country.
Rice stated that a number of legal, financial, and macroeconomic issues are raised by the legalization and adoption of Bitcoin (BTC). He stated that they are closely monitoring the situation, adoption level, and developments in the country. They will continue their consultations and discussions with the authorities to stay on the same page as they are.
Rice has clarified that it is not just El Salvador they are concerned about, it is any country that goes ahead and adopts digital currencies. Prior to El Salvador, it was the Marshall Islands that was issued with a warning in regards to is the adoption of SOV, a sovereign currency.