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El Salvador should be aware of the risks of using Bitcoin as a legal tender, according to IMF

Soon after El Salvador's President Nayib Bukele announced plans for the world's first Bitcoin city, powered by a volcano and financed by cryptocurrency bonds, the International Monetary Fund (IMF) has recommended that the country stop using Bitcoin as legal tender, citing financial and consumer risks associated with the cryptocurrency.

El Salvador is planning the world’s first tax-free ‘Bitcoin City,’ which will be backed by Bitcoin bonds.

El Salvador aims to establish the world's first "Bitcoin City," first funded by Bitcoin-backed bonds, President Nayib Bukele announced on Saturday, doubling down on his bet that the cryptocurrency will help the Central American country attract investment.
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