El Salvador: No International Organization Is Going To Force Us To Do Anything

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The government of El Salvador on Monday rejected a recommendation by the International Monetary Fund to end the use of Bitcoin as legal tender.

The Finance Minister, Alejandro Zelaya, said angrily that “no international organization is going to force us to do anything, absolutely nothing”.

Zelaya told a local TV station that Bitcoin is a matter of “sovereignty”.

Related: El Salvador Buys The Dip, Now Holds 700 Bitcoins

“Countries are sovereign nations and they make sovereign decisions on public policy,” he said.

The IMF last week recommended that El Salvador dissolve the $150 million fund it created when it made cryptocurrency legal tender and return the unused funds.

The agency cited concerns about Bitcoin’s price volatility and the possibility of its use by criminals.

Zelaya said El Salvador has complied with all financial and money laundering rules.

Related: El Salvador Will Use Bitcoin Profits to Fund Veterinary Hospital

Government officials told the IMF that the release of “Chivo” significantly improved financial inclusion, attracting millions of people who previously had no bank accounts.

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