El Salvador’s lawmakers are being urged by members of the International Monetary Fund executive board to cease recognizing the International Monetary Fund as legal tender

IMF reportedOn Tuesday, it was revealed that while digital payments could increase financial inclusion in Central American nations’s countries, Bitcoin is more effective than traditional methods.BTC) as legal tender carried “large risks” related to financial stability, financial integrity and consumer protection. The executive board directors urged El Salvador authorities to “narrow the scope of the Bitcoin law by removing Bitcoin’s legal tender status,” also expressing concern about the potential risks of issuing Bitcoin-backed bonds.