{"id":12472,"date":"2021-10-19T15:14:35","date_gmt":"2021-10-19T14:14:35","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=12472"},"modified":"2021-10-19T15:14:47","modified_gmt":"2021-10-19T14:14:47","slug":"bitcoin-adoption-wont-have-any-impact-on-imf-talks-says-el-salvadors-top-central-banker","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-adoption-wont-have-any-impact-on-imf-talks-says-el-salvadors-top-central-banker\/","title":{"rendered":"Bitcoin adoption won\u2019t have any impact on IMF talks, says El Salvador\u2019s top central banker"},"content":{"rendered":"\n
El Salvador\u2019s central bank chief does not believe that the recent Bitcoin <\/a>adoption action will have a negative impact on the country's efforts to acquire an IMF loan.<\/h5>\n\n\n\n
\"Bitcoin<\/figure>\n\n\n\n

In an interview with Reuters, Douglas Rodriguez, the president of El Salvador's Central Reserve Bank\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, downplayed concerns that the country's adoption of Bitcoin (BTC) as legal cash might jeopardize plans for a $1.3 billion loan facility from the International Monetary Fund (IMF).<\/p>\n\n\n\n

According to a report published on Tuesday by Bloomberg, Rodriguez claimed that the central bank does not perceive any problems related to the Bitcoin Law<\/a>, even as it seeks to secure an extended credit facility from the International Monetary Fund.<\/p>\n\n\n\n

Even El Salvador's central bank, which has classified the country's Bitcoin Law as solely containing “upside risks,” stated that a BTC bull run may cause the country's GDP to grow by nearly nine percentage points more than initially predicted.<\/p>\n\n\n\n

Rodriguez claims that the central bank has clarified to the International Monetary Fund<\/a> that “Bitcoin is merely a payment method.”<\/p>\n\n\n\n

El Salvador's government believes Bitcoin acceptance is increasing, with more people selling their United States dollars to purchase bitcoin.<\/p>\n\n\n\n

The uncertainty surrounding the outcome of the IMF <\/a>negotiations, as well as the recent introduction of Bitcoin as legal cash, appear to have had a substantial impact on the country's credit rating.<\/p>\n\n\n\n

El Salvador's bonds suffered a steep fall in September as a result of the country's “Bitcoin Day,” which increased the importance of the conclusion of the IMF loan agreement even further.<\/p>\n\n\n\n

Achieving IMF loan facility approval, according to central bank estimates, might be critical in ensuring El Salvador's access to the global market in 2022, with the country's external debt reaching $18.45 billion in the second quarter of 2021.<\/p>\n\n\n\n

Officials from the International Monetary Fund (IMF) have condemned El Salvador's acceptance of Bitcoin, calling it “an inadvisable shortcut” that might have catastrophic ramifications for the country.<\/p>\n\n\n\n

One of the potential systemic concerns posed by recognizing Bitcoin as legal tender<\/a>, according to critics from within the mainstream financial sector, is volatility and money laundering.<\/p>\n","protected":false},"excerpt":{"rendered":"

El Salvador\u2019s central bank chief does not believe that the recent Bitcoin adoption action will have a negative impact on the country’s efforts to acquire an IMF loan. In an interview with Reuters, Douglas Rodriguez, the president of El Salvador’s Central Reserve Bank , downplayed concerns that the country’s adoption of Bitcoin (BTC) as legal […]<\/p>\n","protected":false},"author":13,"featured_media":12473,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83,21],"tags":[5158,5157,1341],"class_list":["post-12472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","category-news","tag-banker","tag-bitcoin-adoption","tag-imf"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/10\/image-87.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=12472"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12472\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/12473"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=12472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=12472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=12472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}