El Salvador President Nayib Bukele put himself in the direct center of the crypto world with his country becoming the first in the world to accept Bitcoin as legal tender. This has caused gigantic tsunami-level waves, shaking the cages of the International Monetary Fund.
The IMF is now stepping in and has said that it is "closely" monitoring the movements by El Salvador, and that it has called for a meeting with El Salvador officials.
International Monetary Fund (IMF) spokesperson Gerry Rice said: "adoption of bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis so we are following developments closely and will continue our consultation with authorities".
- Read more: El Salvador president wants to use volcanoes for Bitcoin mining farms
- Read more: El Salvador becomes the first country to adopt Bitcoin as legal tender
Rice added that "crypto assets can pose significant risks, and effective regulatory measures are very important when dealing with them". A team from the IMF will virtually discuss cryptocurrency and Bitcoin being used as legal tender with President Nayib Bukele as well as a potential credit program "including policies to strengthen economic governance".
What I would give to be a fly on the wall during that conversation.
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