El Salvador Stands Rigid with Bitcoin : - 
El Salvador Vice President Fellx Ulloa told  in an interview with Roeuters on Wednesday that Bitcoin will remain legal tendor in El Salvador in the second  term of President Nayib Bukele, while the international Monetary Fund { IMF } request the country should not adopt Cryptocurency as the legal tender during negotiations to the billion - dollar loan . The elections may be held on 4 Feburay to elect the new President , along with Vice President and all 60 deputies officials in the Legislative Assembly. The Vice President of El Salvador's that Bitcoin law should be maintained due to this time the Cryptocurency may also " Enjoys the important credibility in the entire world " .
Mr Ulloa declared that Salvadoran Government has no intenson its decision that BTC as a legal tender . He told that the recent approval of spot Bitcoin Exchange - traded funds  { ETFs } by the U.S. Securities and Exchange Commission  { STC } only strengthened its settle in September 2021. El Salvador is the first country in the world to accept Bitcoin as a legal tender to replace the U.S. dollar , Mr Ulloa told." Not only the law be maintained - at this time , it enjoys the greatest credibility in the whole world " .
He said that the Salvador government will forward move with to launch Bitcoin backed Bonds in the first quarter of 2024. Meanwhile Mr Ulloa has confirmed build of Bitcoin City , President Bukeler's proposed tax - free Crypto haven in El Salvador, will go along with the issuance of passports to investors contributing $ 1 million Cryptocurency.
IMF warns El Salvador should not Reconsider Bitcoin as Legal Tender : - 
According to IMF that El Salvador should agreed with boosting financial inclusion and keep in mind that digital means of payment like as the Chivo e - wallet - could pay this role. As a fect the IMF point up that the directors draw attention to need for solid regulation and rules of the new ecosystem of Chivo and Bitcoin . The IMF thinks there are a big risks related the use of Bitcoin on financial stability and financial integrity with consumer protection, and connected fiscal unpredicted liabilities may be noting .
This was not a first time the IMF has warned many  times El Salvador to reconsider Bitcoin as legal tender in the country since November 2021, the Reserve has repeatedly raised concerns about El Salvador's operate of Bitcoin as legal tender may be issuing warnings in November 2021 about the risks of BTC IN jANUARY 2022 about the cost of detailed report which is indicating specific issues in February 2023. Despite all times of warning by IMF, El Salvador always ignored the advice of IMF and remains committed with Bitcoin.