El Salvador should stop using Bitcoin (BTC) as legal cash, according to the International Monetary Fund's (IMF) executive board. Following bilateral talks with El Salvador, the report was published.
The International Monetary Fund (IMF) directors noted in a statement issued on Tuesday that there are significant risks connected with the usage of bitcoin on economic stability, fiscal responsibility, and consumer rights, as well as fiscal contingent liabilities. El Salvador was the first country in the world to accept Bitcoin as legal money in addition to the US dollar. El Salvador also began to buy Bitcoin last year, when the price was approximately $50,000 per unit. El Salvador made a large Bitcoin purchase of $15 million for 410 Bitcoin investments on Friday.
Bitcoin, on the other hand, has dropped about 50% from its high in early November, putting El Salvador's loss at around $20 million. In reality, on Tuesday afternoon, Bitcoin was trading at $36,671, a modest increase from Saturday, when it plummeted below $35,000 and hit its lowest level since July.
Furthermore, several IMF directors have raised worry about the dangers of issuing bitcoin-backed bonds, according to the IMF. This refers to the President's proposal, in collaboration with Blockstream, to fund $1 billion through a Bitcoin Bond.
El Salvador, in the meantime, has made a strong foray towards Bitcoin with the creation of Chivo, a national virtual wallet. Furthermore, the wallet gives the ability to trade Bitcoin and make payments with zero-fee transactions and rapid cross-border transfers.
Similarly, IMF directors agreed that the Chivo e-wallet might help with digital payment methods. Simultaneously, they underlined the importance of tight regulatory control.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards