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Ignoring IMF warning, Salvadoran Vice President: Bitcoin will be a legal tender for at least another five years

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Ignoring IMF warning, Salvadoran Vice President: Bitcoin will be a legal tender for at least another five years

Salvadoran Vice President Felix Ulloa told Reuters that during the second term of the current president of El Salvador, Bitcoin will continue to be the country's legal tender.

IMF Urges El Salvador to Abandon BTC Legal Tender Status

According to Reuters, despite facing a $1.3 billion loan negotiation with the International Monetary Fund (IMF), the IMF specifically warned El Salvador to abandon Bitcoin, but Vice President Felix Ulloa remains firm that El Salvador will not change its stance.

The IMF stated in its announcement on the 25th:

The use of Bitcoin poses significant risks to financial stability, financial integrity, consumer protection, and related fiscal or debt risks. The Executive Board of the IMF unanimously agrees that El Salvador must revoke Bitcoin's legal tender status to reduce the coverage of Bitcoin law.

Confidence Boost: SEC Approves Bitcoin Spot ETF

Vice President Felix Ulloa of El Salvador stated that the Salvadoran government has no intention of changing its decision to use Bitcoin as legal tender, and the approval of the Bitcoin spot ETF by the SEC further reinforces El Salvador's determination.

He mentioned:

The Bitcoin law will not only remain unchanged but also enjoys great reputation among countries worldwide.

Bitcoin Bonds, Bitcoin City Projects to Proceed

El Salvador's current President Nayib Bukele announced his intention to seek re-election at the end of last October amid constitutional controversy, and he has overwhelming public support.

Vice President Felix Ulloa revealed that if re-elected as expected, the Salvadoran government plans to issue Bitcoin bonds in the first quarter of this year.

Furthermore, the Bitcoin City project, which promotes a tax haven for cryptocurrencies, and the Bitcoin visa program will continue.

Bitcoin Volcano Bonds Approved by Committee, El Salvador Expected to Officially Issue Early Next Year

El Salvador's Bitcoin Holdings Turn from Loss to Profit

In December last year, Nayib Bukele cited data from the tracking platform NAYIB BUKELE PORTFOLIO TRACKER, stating that El Salvador's Bitcoin holdings had turned from loss to profit. Including the Bitcoin he announced to invest daily, the total holding has reached 2,821 coins.

However, these data should be taken as reference only, as all purchase data comes from Nayib Bukele's tweets on social media. Only he knows whether the purchases were made, if the regular investments are real, and if those Bitcoins are still intact.

El Salvador's Bitcoin Finally Earns Profit! Nayib Bukele Violates Constitution but Runs for Reelection as President