Browse By

IMF does not want to allow another country in Latin America to adopt bitcoin

“The adoption of bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis,” IMF spokesman Gerry Rice said at the time.

Now, the global financial authority, IMF, is trying to stop the adoption of cryptocurrencies in another Latin American country, but the Argentines have not shut up.

IMF does not want to allow another country in Latin America to adopt bitcoin

IMF does not want to allow another country in Latin America to adopt bitcoin

Legislators from Argentina’s Chamber of Deputies approved, last Friday (11), by 202 votes to 37, the project formulated jointly with the International Monetary Fund to refinance the country’s debt with the entity.

The vote came after extensive discussion during the night, as protesters threw stones and set fire in front of the Argentine Congress, recalling disastrous deals made earlier with the IMF.

“A small group of protesters began to attack Congress intensely with stones. The images you are seeing are from my office after the stones,” Argentina’s vice president Cristina Kirchner said in a video.

A controversial cryptocurrency clause in the newly approved agreement has Argentines speaking out in public about the implications this could have on cryptocurrency adoption in the country.

The debt restructuring agreement, which serves to negotiate the debt of approximately $45 million that the Argentine government has with the international organization, will give the country a very generous period to pay this debt.

The debated statement included in the bill approving said debt refinancing states:

“The National Government, for a better safeguard of financial stability, will discourage the use of cryptocurrencies in the prevention of fraud and informality, in the same way, the digitization of payments will have official incentives and additional protection will be given to the financial consumer.”

In addition to making it clear to the Argentine government that the IMF prefers CBDCs over open-source protocol digital currencies, according to some in the country, the agreement’s requirement suggests the establishment of regulations and measures that could delay the adoption of cryptocurrencies in the country. .

Leave a Reply

Your email address will not be published. Required fields are marked *