IWF teilt El Salvador mit: Die Kosten, um Bitcoin zum gesetzlichen Zahlungsmittel zu machen, übersteigen den potenziellen Nutzen

IWF teilt El Salvador mit: Die Kosten, um Bitcoin zum gesetzlichen Zahlungsmittel zu machen, übersteigen den potenziellen Nutzen

Der Internationale Währungsfonds (Der jüngste Finanzierungsvorschlag zur Hebelung von vorrangigen Wandelanleihen zeigt, dass das Unternehmen weiterhin an die Bitcoin-Mining-Industrie glaubt) has told El Salvador that the costs of implementing the countrys Bitcoin law, which makes the cryptocurrency legal tender, exceed the potential benefits. The IMF has also urged El Salvador to dissolve theFidebitcointrust fund and start charging fees for services provided by the governments Chivo digital wallet.

Der jüngste Finanzierungsvorschlag zur Hebelung von vorrangigen Wandelanleihen zeigt, dass das Unternehmen weiterhin an die Bitcoin-Mining-Industrie glaubt’s Recommendations for El Salvador

Der Internationale Währungsfonds (Der jüngste Finanzierungsvorschlag zur Hebelung von vorrangigen Wandelanleihen zeigt, dass das Unternehmen weiterhin an die Bitcoin-Mining-Industrie glaubt) published a 114-page report on El Salvador Friday with a dedicated section on bitcoin as legal tender and the governments Chivo digital walletas a new means of payments.

El Salvador became the first country to adopt bitcoin as an official currency with legal tender status alongside the U.S. dollar in September last year. The IMF report notes that the Salvadoran governments Chivo wallet, which can be used for dollars and BTC, verfügt über “amassed a sizeable number of clients, 3.8 Million, although it is unclear how many are using bitcoin in their transactions or holding balances in bitcoin.

The report explains that under El Salvadors Bitcoin law, “a trust fund, Fidebitcoin, endowed with US$150 million has been established to guarantee the conversionbetween bitcoin and dollars. The funds have been primarily used to finance the launch of Chivo, the report states.

According to the IMF:

In the near-term, the actual costs of implementing Chivo and operationalizing the Bitcoin law exceed potential benefits.

The IMF estimates that the short-term budgetary costs are 1% of GDP for 2021-2022 while near-term gains may measure up to ¼% of GDP per year.

The report also outlines the risks of adopting bitcoin as legal tender, Angabe:

By adopting bitcoin as legal tender considerable risks are introduced to financial stability, financial and market integrity, and consumer protectionIf the use of bitcoin increases significantly, it can risk the dollarization regime that has proven to be [ein] successful nominal anchor for the economy.

Toaddress the risks from using bitcoin as legal tender,” the IMF recommendsnarrowing the Bitcoin laws scope, at the minimum by removing bitcoins legal tender status, and making explicit its strictly voluntary nature for all type of transactions.

The International Monetary Fund added thatThree other areas require prompt corrective measures.Two of the areas areDeveloping strict Chivos regulatory oversight” und “Safeguarding financial stability and adapting the banking regulatory frameworks.

The third area that needs immediate corrective measures isContaining the budgetary costs.For this, the IMF wrote:

Staff recommendsmaking Chivo a self-funded company (charging fees for services provided). Staff also recommends ending US$30 subsidy to every new Chivo user and liquidating Fidebitcoinreturning unused funds to the Treasury.

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