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IMF urges El Salvador to drop Bitcoin as legal tender

The International Monetary Fund wants El Salvador to drop the highly volatile cryptocurrency Bitcoin as legal tender and strictly regulate the electronic wallet the government has pushed adoption of across the country. The global lenders board urged the authorities to narrow the scope of the Bitcoin law by removing Bitcoins legal tender status, the IMF said in a statement on January 25. The adoption of a cryptocurrency as legal tender, however, entails large risks for financial and market integrity, financial stability and consumer protection, the IMF statement said.