IMF Urges El Salvador To Drop Bitcoin As Legal Tender – This Is Why We Need Bitcoin More Than Ever
This attack justifies the very existence of Bitcoin.
Whether you are interested or not in the economy and the current monetary and financial system, you have probably all heard at least a few times about the IMF. The International Monetary Fund is an international institution of 190 countries that was created on December 27, 1945. When you look on the IMF website, what its purpose is, you will find this:
“The purpose of the IMF is to promote international monetary cooperation, ensure financial stability, facilitate international trade, contribute to a high level of employment, economic stability and reduce poverty.”
This is a good sentiment. If you go further, you will see that the role of the IMF has always been to protect the existing monetary and financial system. So in its early days, the IMF was about trying to ensure that the Bretton Woods monetary system worked.
When Richard Nixon unilaterally introduced the current monetary and financial system in August 1971, the role of the IMF began to change. Its role was now to ensure that this new system imposed by America would endure. This is what the IMF has been trying to do for more than 50 years, and this is why the institution is frequently criticized by liberal economists, like Milton Friedman in his time, or even the World Bank.
Critical for months of El Salvador's choice to opt for the Bitcoin standard, the IMF has now moved to the stage of threats on January 25, 2022
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