- El Salvador’s Bukele in push to make bitcoin legal tender
- Investors concerned this could complicate talks with IMF
- Spreads on El Salvador bonds widen sharply
LONDON, June 7 (Reuters) – A push by El Salvador’s President Nayib Bukele to make his country the first in the world to formally adopt bitcoin as legal tender has sparked concerns about the outlook for its programme with the International Monetary Fund (IMF).
Bukele said on Saturday he will send a bitcoin bill to Congress in days to come, touting its potential to help Salvadorans living abroad send remittances home. read more
El Salvador’s top trade official said the U.S. dollar would continue to be legal tender, underscoring that bitcoin transactions would be by choice and tied to the dollar exchange rate.
This could further complicatethe Central American country’s quest to seek a more than $1 billion-program with the IMF. In May, Bukele’s party strained relations with Washington when it ousted five Supreme Court judges and the top prosecutor.
Trade and Investment Minister Miguel Kattan said bitcoin was already in limited use in El