Category: Bitcoin Legal Tender

Central African Republic President on BTC Volatility: ‘Mathematics Don’t Account for Human Emotions’

Central African Republic President on BTC Volatility: ‘Mathematics Don’t Account for Human Emotions’

In an apparent message to critics of the Central African Republic’s bitcoin decision, the country’s president, Faustin-Archange Touadéra, recently argued that understanding the crypto’s disruptive power is crucial and that “mathematics don’t account for human emotions.” According to Touadéra, the country’s future generations are likely to applaud his government for “choosing the right path during […]

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Report: IMF Says Central African Republic’s Bitcoin Adoption Poses Risks

Report: IMF Says Central African Republic’s Bitcoin Adoption Poses Risks

The International Money Fund (IMF) has added its voice to institutions and parties criticizing the Central African Republic (CAR)’s decision to adopt bitcoin. The IMF insists the adoption poses legal economic challenges not only to the country but to the region as well. CAR’s Bitcoin Adoption Has Financial and Legal Issues The IMF has reportedly […]

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US Senate Committee Advances Bill to Mitigate Risks From El Salvador Adopting Bitcoin as Legal Tender

US Senate Committee Advances Bill to Mitigate Risks From El Salvador Adopting Bitcoin as Legal Tender

The Senate bill to mitigate the risks from El Salvador adopting bitcoin as legal tender has advanced in the U.S. “As El Salvador has adopted bitcoin as legal tender, it’s critical we mitigate risks to our financial system,” said one of the U.S. lawmakers who introduced the bill. Bill to Mitigate Risks From Bitcoin Being […]

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Malaysia’s Dep. Finance Minister Denies Crypto As Legal Tender

Malaysia’s Deputy Finance Minister I, Mohd Shahar Abdullah, in a parliament session on Thursday has stated that Malaysia will not be recognizing cryptocurrencies. However, the central bank of Malaysia, Bank Negara Malaysia, will continue to work actively for a central bank digital currency (CBDC), considering the growing technology and payment landscape. Malaysia Denies Adoption of […]

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Breaking : Mexican Senator Hints That The Country Might Be Next To Legalize Bitcoin

El Salvador continues to champion crypto adoption among other nation-states. inspired by the Central American country, Indira Kempis, a Mexican Senator, has said that Mexico needs Bitcoin to be legal. The senator is developing a cryptocurrency bill that is based on El Salvador’s Bitcoin Law. Kempis: Mexicans can get financial inclusion with Bitcoin Kempis noted […]

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El Salvador’s Tourism Rises 30% After Bitcoin Became Legal Tender

El Salvador’s Tourism Rises 30% After Bitcoin Became Legal Tender

El Salvador’s tourism has grown more than 30% after adopting bitcoin as legal tender, according to the country’s ministry of tourism. “Cryptocurrency multiplies the opportunities to do business with more partners anywhere in the world,” the Salvadoran government explained. El Salvador’s Economy Boosted by Bitcoin Law The Salvadoran government has outlined some economic benefits resulting […]

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Fitch Ratings Downgrades El Salvador Deeper Into Junk Status Citing Bitcoin Risks

Fitch Ratings Downgrades El Salvador Deeper Into Junk Status Citing Bitcoin Risks

One of the largest rating agencies in the U.S., Fitch Ratings, has downgraded El Salvador’s long-term default rating deeper into junk status, citing risks from adopting bitcoin as legal tender as a key reason. “The adoption of bitcoin as legal tender has added uncertainty about the potential for an IMF program that would unlock financing […]

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India Declares That Bitcoin Will Never Be Legal Tender In Its Country

The government of India has stated that cryptocurrencies will never be considered as legal tender. India’s finance secretary, T.V. Somanathan, clarified while speaking with Asia News International today that only the Rupee and the yet-to-be-released digital Rupee have legal tender status in the country. The statement is coming after India’s finance minister yesterday announced that […]

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El Salvador Rejects IMF Call to Abandon Bitcoin as Legal Tender

El Salvador Rejects IMF Call to Abandon Bitcoin as Legal Tender

El Salvador has rejected the recommendation by the International Monetary Fund (IMF) to drop bitcoin as legal tender. The country’s finance minister reportedly “angrily” said, “No international organization is going to make us do anything, anything at all.” El Salvador Says No to IMF on Bitcoin The government of El Salvador has rejected a recommendation […]

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IMF Tells El Salvador: Costs of Making Bitcoin Legal Tender Exceed Potential Benefits

IMF Tells El Salvador: Costs of Making Bitcoin Legal Tender Exceed Potential Benefits

The International Monetary Fund (IMF) has told El Salvador that the costs of implementing the country’s Bitcoin law, which makes the cryptocurrency legal tender, exceed the potential benefits. The IMF has also urged El Salvador to dissolve the “Fidebitcoin” trust fund and start charging fees for services provided by the government’s Chivo digital wallet. IMF’s […]

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