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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’s crypto-treasury is already worth 420 bitcoins, according to President Nayib Bukele.

El Salvador, which became the first country in the world to legalize Bitcoin as a form of payment in September, continues to add to its crypto treasury. Salvadorian President Nayib Bukele announced on Twitter that the nation has acquired a new batch of 420 Bitcoins earlier this week. El Salvador paid around $25 million (roughly Rs. 187 crores) on this acquisition, which was conducted at a time when Bitcoin values were rising. Bitcoin is now selling for $62,953 per token (approximately Rs. 47 lakh).

El Salvador’s Crypto-Treasury Filled With 420 More BTC Tokens, Confirms President Bukele

SYNOPSIS El Salvador is increasing its Bitcoin holdings....

El Salvador’s first bitcoin was mined using volcanic energy, according to President Nayib Bukele.

El Salvador's President, Nayib Bukele, said on Twitter that his country had mined Bitcoin, the world's largest cryptocurrency, with the help of volcanic energy. He posted a photo of the mining operation, which revealed 0.00599179 Bitcoin, which is currently worth $284 (approximately Rs. 21,098) at the current exchange rate. El Salvador became the first country in the world to recognize Bitcoin as legal money alongside the US dollar last month.

Nayib Bukele claims that nearly 2 million Salvadorans use the government’s cryptocurrency wallet Chivo.

El Salvador's President, Nayib Bukele, claims that the government-backed cryptocurrency wallet Chivo is currently utilized by over two million individuals. El Salvador became the first country in the world to recognize Bitcoin as legal money alongside the US dollar earlier this month. Over the weekend, Bukele tweeted about the development, informing his almost three million followers. The president also expects that in a few years, the growing number of Chivo users would surpass El Salvador's entire number of bank clients.
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