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US Diplomat Voices Hope for Resolution in IMF, El Salvador Financing Tensions: Report
Victoria Nuland, U.S. undersecretary for political affairs, met with President Nayib Bukele on Wednesday.
A high-ranking U.S. diplomat said she hopes El Salvador and the International Monetary Fund (IMF) will come to terms on a financing agreement following differences over the country's bitcoin law.
STORY CONTINUES BELOW
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- Victoria Nuland, U.S. undersecretary for political affairs, met with El Salvador President Nayib Bukele on Wednesday as part of her tour of the country, Reuters reported Thursday.
- On June 8, the Central American country became the first in the world to recognize the cryptocurrency as legal tender, and the law is scheduled to go into effect on Sept. 7.
- The IMF, which is an international organization that oversees global economic growth and financial stability, previously voiced concerns over El Salvador's intentions.
- IMF spokesman Gerry Rice previously said El Salvador's decision and law raise a number of macroeconomic, financial and legal issues that require "very careful analysis."
Read more: El Salvador’s Bitcoin Law Effective September, E-Wallets to Get $30 Worth of Crypto
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
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