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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.

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.

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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.

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.

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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.

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

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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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Hollywood

Review of the spy thriller “Heart of Stone”: Alia Bhatt shines.

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Review of the spy thriller “Heart of Stone”: Alia Bhatt shines.

In a realm where intrigue and suspense collide, Bollywood’s beloved star Alia Bhatt has once again proven her mettle in the enthralling spy thriller “Heart of Stone.” Directed by the visionary Raj Mehta, this cinematic marvel takes audiences on a roller-coaster ride through espionage, deception, and unrelenting action, with Bhatt’s luminous performance at its epicenter.

A Glimpse into the Plot

“Heart of Stone” delves into the shadowy world of espionage, where nothing is as it seems, and allegiances can crumble in an instant. Bhatt’s character, Maya Verma, is a compelling enigma—a resolute intelligence operative navigating a labyrinth of covert operations and intricate deceptions. As the layers of the narrative peel away, Maya finds herself ensnared in a high-stakes game where trust is elusive and danger lurks in every frame.

The Resplendent Alia Bhatt

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Alia Bhatt’s portrayal of Maya Verma is nothing short of a revelation. Known for her remarkable versatility, Bhatt imbues Maya with a potent mix of strength and vulnerability. With every expression, every gesture, she breathes life into a character that resonates on both emotional and cerebral levels. Bhatt’s artistry reaches its zenith as Maya grapples with inner demons while outwitting her adversaries—a captivating dance that only an actress of her caliber could orchestrate.

Raj Mehta’s Directorial Panache

Raj Mehta, celebrated for his directorial finesse, orchestrates the tapestry of “Heart of Stone” with masterful precision. Seamlessly weaving heart-thumping action sequences and labyrinthine plot twists, Mehta keeps the audience on the edge of their seats. His meticulous attention to detail manifests in every scene, painting a cinematic canvas that’s as thrilling as it is visually arresting.

Supporting Cast: A Tapestry of Brilliance

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The constellation of talent in “Heart of Stone” goes beyond Alia Bhatt. The ensemble cast, featuring Rajkummar Rao, Aditi Rao Hydari, and Vicky Kaushal, contributes to the film’s tapestry with their impeccable performances. The chemistry between the characters adds depth to the narrative, amplifying the emotional resonance and enriching the overall storytelling.

A Symphony of Cinematic Excellence

“Heart of Stone” is an embodiment of cinematic finesse. The film’s production values, from picturesque locations to evocative cinematography, envelop the viewer in a sensory feast. The musical score, composed with an acute understanding of the narrative’s ebbs and flows, elevates the tension and emotions, further ensnaring the audience in the movie’s spellbinding aura.

A Triumph of Genre Fusion

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Critics and audiences alike have bestowed “Heart of Stone” with effusive praise for its seamless fusion of espionage, action, and drama. The film’s ingenious plot twists, coupled with Alia Bhatt’s extraordinary performance, thrust it into the echelons of standout espionage thrillers. It’s a symphony of storytelling that resonates long after the credits roll.

In a year replete with cinematic treasures, “Heart of Stone” stands tall as an embodiment of brilliance. Alia Bhatt’s luminosity shines with unparalleled intensity, solidifying her place as one of Bollywood’s brightest stars. This cinematic tour de force is a must-watch, an experience that unearths the magic created when remarkable talent converges to craft an indelible cinematic journey.

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