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International Monetary Fund urges El Salvador to scale back Bitcoin push

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International Monetary Fund urges El Salvador to scale back Bitcoin push

El Salvador should dissolve the $150 million trust fund it created when it adopted the cryptocurrency bitcoin as legal tender and return any unused funds to its treasury, the International Monetary Fund said on Friday.

The recommendation is part of an international lender’s report on El Salvador’s economy and goes beyond a statement earlier this week urging El Salvador to abandon bitcoin as legal tender.

The trust fund aims to allow automatic conversion of bitcoin into another currency, the U.S. dollar, El Salvador, to encourage people to be wary of the adoption of the highly volatile digital currency.

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The IMF also recommends removing the $30 discount to encourage people to start using the digital wallet Chivo, and strengthening regulation of digital wallets to protect consumers. It shows that there may be benefits to using Chivo, but only in US dollars, not bitcoin.

In the short term, the actual costs of implementing Chivo and implementing Bitcoin laws outweigh the potential benefits, the report said.

The office of El Salvador’s President Nayib Bukele did not immediately respond to a request for comment, but in recent days Bukele has dismissed the IMF’s advice on bitcoin.

The International Monetary Fund has expressed concern over El Salvador’s increasing exposure to bitcoin’s volatility and urged greater transparency.

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Government officials told the International Monetary Fund that the introduction of Chivo has greatly improved financial inclusion, drawing millions of previously unbanked people into the financial system. They also talked about a parallel travel promotion for Bitcoin enthusiasts.

According to the report, the government sees no need to reduce the scope of its bitcoin laws, but could strengthen the agreed regulations.

Bukele has spearheaded the push for Bitcoin alongside the U.S. dollar as legal tender. El Salvador’s Legislative Assembly made the country the first to do so in June, and the Bitcoin law went into effect in September.

What we highlighted in the report is that having a digital wallet that allows people to use digital payment methods and keep their savings there (especially dollars) can be good for the economy and growth, but again I emphasize the IMF Alina Carare, head of the El Salvador delegation, said in a conference call with reporters on Friday that the emphasis on the U.S. dollar was due to the volatility of bitcoin prices.

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Bitcoin has plummeted after nearly doubling in value late last year.

El Salvador and the International Monetary Fund have been negotiating a $1.3 billion loan for months. Carare did not say whether a possible loan would be put on hold if El Salvador continued to use bitcoin as legal tender.

When asked, Carare said that we will continue to be in close contact with the government of El Salvador.

Complete News Source : Business Standard

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Tollywood

HT Rewind 2024: Teja Sajja says HanuMan kicking off the year in style is the moment he’d been ‘waiting for’ | Exclusive

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HT Rewind 2024: Teja Sajja says HanuMan kicking off the year in style is the moment he’d been ‘waiting for’ | Exclusive

In conversation with Hindustan Times, Teja Sajja decodes the success of HanuMan and other Telugu films, talks about his upcoming projects, and more.
When Prasanth Varma’s superhero film HanuMan, starring Teja Sajja, was announced to be released alongside big films like Mahesh Babu’s Guntur Kaaram, Venkatesh’s Saindhav and Nagarjuna’s Naa Saami Ranga in January this year, no one expected the underdog to emerge on top. And yet, the film, made on a budget of under ₹50 crore, managed to collect over ₹300 crore at the box office worldwide in 25 days, becoming one of the highest-grossing Indian films for the year. (Also Read: Ranveer Singh met HanuMan actor Teja Sajja, complimented him even after his Prasanth Varma film Rakshas got shelved)

Ask Teja about the moment he realised his film had not just fought against the tide but also risen to the top; he tells Hindustan Times in an exclusive conversation, “Since I returned to acting (as a lead actor after being a child artiste since 1998), this is the moment I’ve been waiting for. When everything from the HanuMan teaser to the songs was grabbing attention, we knew we had hit a gold mine. But I don’t think we imagined it would cross the ₹300 crore threshold. We were so satisfied with the opening numbers; everything else was a bonus.”

‘Success has given me fear of disappointing people’

Teja acted in Zombie Reddy, Ishq and Adbhutham before HanuMan, but they are what you would call ‘critical successes’, adding to his repertoire as an actor who can perform. But things have changed for him now, says Teja, who is being picky about the roles he says yes to. “Success either makes you overconfident or gives you the fear of disappointing people; I have the latter,” he explains.

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Teja admits he wants to chart out his career in Hrithik Roshan’s footsteps, but not in the way you think. “I have such a fondness for Hrithik due to Koi Mil Gaya and Krrish. No matter how well he performed after that, these left a lasting impression on me; I’m sure 90s kids will agree,” he says, adding, “Similarly, I’ve realised that I have an audience in children now. I want to be conscious of that when I pick roles. I want to make films families can enjoy together.”

But despite people in places like Mumbai or Delhi recognising him, Teja says he’s clear that he wants to cater to the Telugu audience first. “I am conscious that I am making films for my playground – the Telugu states. This is the sensibility I have grown up with, and I don’t know if I can cater to everyone else. Will I promote my films in other languages? Sure. But I also can’t be part of films that aren’t authentic to what I know or understand,” he explains.

‘Rootedness has put us on the world map’

And authenticity seems to be the need of the hour. Be it Baahubali and RRR or the recently released Pushpa 2: The Rule, Kalki 2898 AD and Devara: Part 1, certain kind of stories seem to be finding success. “Rootedness and going local is proving to be such a boon for us, be it in Devara or Pushpa or HanuMan. Kalki 2898 AD was our version of a Hollywood film (the sci-fi concept) with actors from across languages in predominant roles; it put us on the world map,” reflects Teja.

However, the actor admits Tollywood went through a phase of Bollywood-inspired rom-coms and family dramas that worked in their favour for a while. “That wasn’t easy to replicate either, but it’s just that these local stories are what the audience seems most interested in now. It can’t just be chalked up to religion, too. It’s about the morals these films are hinged on, the fighting for righteousness, and how an underdog can find their strength. Introducing Mahabharata or Ramayana to a new audience in a cool way is just a perk,” he says.

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And it’s this rootedness that Teja says his next films, Mirai and Jai Hanuman (the sequel to HanuMan), will also have ample of. “Mirai is also a superhero film that caters to kids, but it’s not an origin story like HanuMan. It has a pan-Asian and Buddhist touch because the story is based on King Ashoka’s ideologies. I hope that I will get to deliver something new to the audience again. I will only feel like I’ve arrived if Mirai is equally, if not more, successful,” says Teja.

Rishab Shetty will headline Jai Hanuman, but Teja also looks forward to shooting that. “I can’t wait to be on that set; it’ll be exciting. Now that we know India is ready to watch our films, I want to step it up. I want to shift gears and shoot for at least two films in 2025,” he says. As for what he will do next, Teja says he wants to up the ante. “When I got a SIIMA award for Zombie Reddy as a debutant, I remember telling Prasanth this would be the last award I get. But now that I won a Radio City Cine Award for Best Actor, I hope more awards will follow,” he signs off cheekily.

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