El Salvador was the first country in the world to make Bitcoin legal tender alongside the United States Dollar (USD) last year in the month of September when they made broke and made history being the first and only country that has made Bitcoin legal tender, the only country that allows citizens to pay tax in crypto, the icing on the cake they even gave out some Bitcoin to all their citizens that registered for their CHIVO wallet and also publicly announced that they hold bitcoin in their portfolio.
Recently the International Monetary Fund’s (IMF) asked the El Salvador government to drop their adoption or use of Bitcoin as legal tender because it is going to bring up financial, macroeconomic, and some legal issues.
IMF spokesperson Gerry Rice said:
“Crypto assets can pose significant risks and effective regulatory measures are very important when dealing with them,”
in addition that the adoption of bitcoin:
“entails large risks for financial and market integrity, financial stability, and consumer protection. It also can create contingent liabilities.”
but the El Salvador Treasury Minister Alejandro Zelaya responded saying:
“No international organization is going to make us do anything, anything at all,” adding on a local television station that Bitcoin as legal tender was an issue of sovereignty for El Salvador.
I personally love the response from the Treasury Minister Alejandro Zelaya and that El Salvador is making their stands on Bitcoin known once again, just in case anyone has forgotten where they stand, letting the IMF know what's up.
El Salvador, first Bitcoin purchase was worth about $20.9 million which at that time was worth 400 Bitcoin, a day before the country adopted Bitcoin as a legal tender, but they didn't stop there they kept on buying the dip and accumulating more and more Bitcoin from various dips now they own about 1800 plus Bitcoin worth about $66 million, Thanks Guys For Reading My Post.