IMF says bitcoin remains key element in El Salvador program talks

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October 3, 2024 11:15 AM EDT

Representation of Bitcoin cryptocurrency is seen in this illustration taken January 11, 2024. REUTERS/Dado Ruvic/Illustration

(Reuters) - Program talks between the International Monetary Fund and El Salvador focus on strengthening reforms, while addressing risks arising from the use of bitcoin remains a key element of the discussions, the IMF said on Thursday.

"What we have recommended is a narrowing of the scope of the bitcoin law, strengthening the regulatory framework and oversight of the bitcoin ecosystem, and limiting public sector exposure to bitcoin," IMF spokesperson Julie Kozack said in a scheduled press conference.

She added that El Salvador's 2025 budget proposal is a good step to strengthen public finances which needs strong implementation.

(Reporting by Rodrigo Campos and David Lawder)


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