In the conclusions of its latest investigation report, the International Monetary Fund (IMF) reported its progress in its relations with El Salvador. However, the institution remains wary of Bitcoin (BTC), we take stock.
Relations between the IMF and El Salvador appear to be easing
Since the officialization of Bitcoin (BTC) as legal tender in El Salvador, the country has seen its relations with some global institutions become strained, with the International Monetary Fund (IMF) at the top of the list. However, in the conclusions of its latest survey, IMF points to some progressparticularly with regard to “a program supported by the Fund“, while keeping his reservations about Bitcoin (BTC):
Progress was made in negotiations for a Fund-supported program focusing on policies to strengthen public finances, increase bank reserves, improve governance and transparency, and mitigate risks related to Bitcoin.
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First, the IMF highlights agreements reached to increase El Salvador's primary balance. at 3.5% of its gross domestic product (GDP)In short, a country's primary balance is the difference between its income and its expenditure, the result of which does not take into account the interest paid on public debt.
Other improvements highlighted included commitment to create laws to combat corruption and money laundering, as well as strengthening the reserves of the financial system.in a manner consistent with continued credit and private sector growth“.
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IMF still wary of Bitcoin (BTC)
Despite tensions that seem to be easing, The IMF could not help but show itself to be wary of Bitcoin againpointing out the need for additional efforts:
“With respect to Bitcoin, while many risks have yet to materialize, it is recognized that further efforts are needed to improve transparency and mitigate potential risks to fiscal and financial stability related to the Bitcoin project. Further discussions in this and other key areas remain necessary.”
While it is always ironic to see some institutions calling for “more transparency on Bitcoin”, let's note that we find here the usual clichés.
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For its part, BTC is trading at $56,700 at the time of writing, up 2.1% over the last 24 hours.
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Source: IMF
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Since 2021, I have devoted my free time to seriously training myself on cryptocurrencies in order to acquire as much knowledge and credibility as possible. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyses on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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