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El Salvador's Bitcoin adoption may jeopardize IMF negotiations: JPMorgan

June 11, 2021. Summarized by summa-bot.

Compression ratio: 32.7%. 1 min read.

American banking giant JPMorgan has said that El Salvador's move to adopt Bitcoin as legal tender has little economic merit and may hinder talks with the IMF over a possible $1 billion funding program.

JPMorgan is the latest source to respond to El Salvador’s decision to adopt Bitcoin (BTC) as legal currency within the country.

In a client note tweeted by @DocumentingBTC, the United States banking giant stated that there was little economic benefit to El Salvador adopting BTC as a parallel legal tender to the U. S. dollar.

On Thursday, El Salvador’s parliament passed a historic bill to recognize Bitcoin as legal tender.

Indeed, the IMF itself has raised issues the development by stating that El Salvador adopting Bitcoin as legal tender poses significant legal and financial ramifications.

Related: IMF plans to meet with El Salvador’s president, potentially discussing move to adopt Bitcoin

by summa-bot

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