Topic: And now the IMF comes in! - page 2. (Read 203 times)
If poverty is rampant, then that also means that they don't have access to electronic devices that is used to access bitcoin in the first place, unless the government has the ability to provide some way for their poor populace to access bitcoin then I think their decision on making bitcoin a legal tender will always be on hot water.
Just when El Salvador is trying to address a perennial problem on the access to traditional financial services, and has decided to try easing it out with adopting Bitcoin as a legal tender alongside the USD, the IMF comes in bringing bad news.
IMF is now talking about "macroeconomic, financial and legal issues" just as the sovereign country is looking for means to improve the life of its people.[1]
I don't understand. 70% of the people of El Salvador do not have access to banking services. This is a huge hindrance to its development as a country. Poverty is rampant. 4 out of 10 are living in poverty with 50% of the "country’s children and teenagers live on less than US $1.25 per day."[2]
El Salvador's situation couldn't get any worse. And now that they are trying to experiment with something which could probably address a significant facet of the nation's problem, with something which is completely free from control, politics, internal power struggles, abuse, manipulation, and so on, the IMF, which is primarily tasked to secure financial stability, promote high employment and sustainable economic growth, and reduce poverty around the world, is now discouraging it.
I mean, what the heck! What do you want to happen to the beautiful country of El Salvador? To remain stuck in its cesspool?
[1] https://www.bloomberg.com/news/articles/2021-06-10/imf-sees-risks-in-el-salvador-law-making-bitcoin-legal-tender
[2] https://www.humanium.org/en/el-salvador/
IMF is now talking about "macroeconomic, financial and legal issues" just as the sovereign country is looking for means to improve the life of its people.[1]
I don't understand. 70% of the people of El Salvador do not have access to banking services. This is a huge hindrance to its development as a country. Poverty is rampant. 4 out of 10 are living in poverty with 50% of the "country’s children and teenagers live on less than US $1.25 per day."[2]
El Salvador's situation couldn't get any worse. And now that they are trying to experiment with something which could probably address a significant facet of the nation's problem, with something which is completely free from control, politics, internal power struggles, abuse, manipulation, and so on, the IMF, which is primarily tasked to secure financial stability, promote high employment and sustainable economic growth, and reduce poverty around the world, is now discouraging it.
I mean, what the heck! What do you want to happen to the beautiful country of El Salvador? To remain stuck in its cesspool?
[1] https://www.bloomberg.com/news/articles/2021-06-10/imf-sees-risks-in-el-salvador-law-making-bitcoin-legal-tender
[2] https://www.humanium.org/en/el-salvador/
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