El Salvador’s government has responded to the IMF’s most recent report on the country’s adoption of Bitcoin as a legal tender. As per the government’s statement, the government has no plan to comply with the IMF’s recommendations.
The Treasury Minister of El Salvador, Alejandro Zelaya, declared that the government was not going to be strong-armed to do anything. Zelaya disclosed to a local TV station that the country had the exclusive rights to make decisions on its policies. “No international organization is going to make us do anything, anything at all…Countries are sovereign nations and they take sovereign decisions about public policy,” said the Minister.
In a recent report last week, the international body suggested that El Salvador do away with its Bitcoin trust fund and also return unused funds from the trust back to the nation’s treasury. Similar to its previous reports, the body cited the high price volatility of the asset as well as its use by criminal elements.