Home Bitcoin News BitCoin Forex El Salvador minister says Bitcoin crash poses ‘extraordinarily minimal’ fiscal threat By Reuters

El Salvador minister says Bitcoin crash poses ‘extraordinarily minimal’ fiscal threat By Reuters

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© Reuters. An indication reads “Bitcoin accepted right here” outdoors a espresso store the place the cryptocurrency is accepted as a cost technique in San Salvador, El Salvador Could 15, 2022. Image taken Could 15, 2022. REUTERS/Jose Cabezas

SAN SALVADOR (Reuters) – El Salvador’s Finance Minister Alejandro Zelaya on Monday dismissed considerations {that a} sharp drop within the worth of bitcoin might harm the Central American nation’s fiscal well being.

El Salvador final September turned the primary nation to make bitcoin a authorized tender, alongside the U.S. greenback, regardless of criticism by the Worldwide Financial Fund and credit score businesses.

“Once they inform me that the fiscal threat for El Salvador due to is basically excessive, the one factor I can do is smile,” Zelaya stated at a press convention. “The fiscal threat is extraordinarily minimal.”

Since final September, El Salvador’s authorities has bought 2,301 items of the cryptocurrency, which fell on Monday to its lowest worth since 2020.

Zelaya cited an earlier estimate from Deutsche Welles that the nation’s bitcoin portfolio had misplaced some $40 million in worth.

“Forty million {dollars} doesn’t even characterize 0.5% of our nationwide basic funds,” he stated.

Bitcoin’s worth has dropped some 50% because it turned authorized tender within the nation.


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