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International Monetary Fund urges El Salvador to scale back Bitcoin push

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3 years ago

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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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To All The Boys star Lana Condor shares wedding video and it is straight out of a rom-com. Watch

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3 weeks ago

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January 30, 2025

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To All The Boys star Lana Condor shares wedding video and it is straight out of a rom-com. Watch

Lana Condor and Anthony De La Torre married in a picturesque hillside setting in Malibu, California, in October 2024. The couple shared their intimate wedding video, which captured their smiles and heartfelt tears. The video featured drone shots of picturesque hills and the wedding venue.

As well as close-ups of Lana in her wedding gown and emotional moments. The couple also included an after-party celebration where the couple cut the cake and guests danced the night away. Lana Condor is known for her role in.

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To All the Boys I’ve Loved Before trilogy, while Anthony De La Torre is an actor and musician. The couple first met in 2015 and got engaged in 2022. The couple has also starred in Boo, Bitch, X-Men Apocalypse, and Deadly Class.

Lana Condor, renowned for her portrayal of Lara Jean Covey in the “To All the Boys I’ve Loved Before” film series, recently shared a heartfelt wedding video that has captivated fans worldwide. The video, reminiscent of a romantic comedy, offers an intimate glimpse into her wedding day with actor and musician Anthony De La Torre.

A Dreamy Malibu Wedding

In late October 2024, Lana and Anthony exchanged vows in a picturesque ceremony at the Serra Retreat Center in Malibu, California. The venue, nestled atop the Malibu mountains, provided a serene backdrop for the couple’s special day. Lana chose the location because she had visited it with her late mother during her childhood, making it a place of profound personal significance.

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The Wedding Video

Lana’s wedding video captures the essence of their love story, blending candid moments with cinematic elegance. The footage showcases the couple’s first look, heartfelt vows, and the joyous celebration that followed. The video has been lauded for its authenticity and the palpable chemistry between Lana and Anthony, evoking the charm of a classic romantic film.

A Nod to ‘To All the Boys’

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The wedding video has drawn parallels to the “To All the Boys” series, where Lana’s character navigates the complexities of young love. Fans have noted the similarities between the fictional romance and the real-life love story, highlighting the serendipitous nature of Lana’s journey from on-screen romance to real-life happiness.

Lana and Anthony’s Journey

Lana and Anthony’s relationship began in 2015 after meeting at an Emmy Awards party. They announced their engagement in January 2022 and have since been a beloved couple in the entertainment industry. Their wedding marks a new chapter in their shared journey, celebrated by fans and peers alike.

Celebrating Love and Life

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Lana’s wedding video serves as a testament to love’s enduring power and the beauty of shared moments. It resonates with many, offering a glimpse into the joy and commitment that define a lasting partnership.

For a visual experience of Lana and Anthony’s wedding, you can watch the following video:

Lana Condor, celebrated for her role as Lara Jean Covey in “To All the Boys I’ve Loved Before,” recently shared a wedding video that feels straight out of a romantic comedy. In late October 2024, she married actor and musician Anthony De La Torre in an intimate ceremony at the Serra Retreat Center in Malibu, California.

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The video captures the couple’s heartfelt vows, candid moments, and the joyous celebration that followed. Lana wore a stunning Vera Wang gown, a choice she had made two years earlier with her late mother. people.com The ceremony was described as timeless and airy, set atop the Malibu mountains

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