IMF’s Recommendations for El Salvador

[Yusra3]

The International Monetary Fund (IMF) distributed a 114-page report on El Salvador Friday with a devoted segment on bitcoin as legitimate delicate and the public authority's Chivo Digital wallet "as another method for installments."

El Salvador turned into the primary country to embrace bitcoin as an authority money with legitimate delicate status close by the U.S. dollar in September last year. The IMF report noticed that the Salvadoran government's Chivo wallet, which can be utilized for dollars and BTC, has amassed a sizeable number of customers, 3.8 million, despite the fact that it is indistinct the number of are utilizing bitcoin in their exchanges or holding adjusts in bitcoin.

 

[Kingsley]

The IMF recommendations for El Salvador is good and coming from a technical perspective one will say it is quite good mostly if it coming from the grounds that it crypto trading activities should be regulated and be maintained by the government rather than just allowing all kinds of investors to get into it without properly checkmating them, it will spell doom for the economy of the country because fraudulent activities will begin to take place in the country which will have an adverse effect on the economy and the standard of living of the people in the country.

But on the other hand if they are encouraging them to clampdown on crypto currencies activities without any proper plans to meet up with the challenges facing the country and allowing the country to depend heavily on borrowings from their bank, then it I will be a grave error. Because it will end up making the people poor and further reduce their standard of living.

Hence the government should introduce expert that will educate her citizens on how to trade correctly and empower the citizenry and how make sure they pit up strong regulatory bodies to ensure that things are done correctly and frauds are avoided.