El Salvador doubles down on bitcoin despite crash | Business | Economy and finance news from a German perspective | DW | 13.05.2022

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Business

El Salvador doubles down on bitcoin despite crash

Amid one of the worst crashes in bitcoin history, El Salvador's president, Nayib Bukele, doubled down on its bet, adding 500 tokens to the country's national reserves.

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December 12, 2021, San Salvador, El Salvador: Protestors hold placards against the Bitcoin law during the protest..Demonstrators took to the streets to protest the government of Nayib Bukele and his policies. Recently the United States Biden administration accused the Salvadoran government officials of corruption and a secret truce with organized crime such as MS-13 and Barrio 18 to lower homicide records. (Credit Image: © Camilo Freedman/SOPA Images via ZUMA Press Wire

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The International Monetary Fund (IMF) urged El Salvador to abandon Bitcoin, saying the cryptocurrency could pose risks to national financial stability, consumer protection and the ability to receive loans.

A police officer and a soldier tape off a crime scene where a man was killed inside a car, as Salvadoran President Nayib Bukele deploys military to patrol the streets throughout the country in response to a sharp surge in murders this week, in San Martin, El Salvador November 11, 2021. REUTERS/Jose Cabezas

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Salvadoran President Nayib Bukele said "dark forces" are behind a rise in crime in the country. Critics may view the military operation as the latest sign of increasing authoritarianism under Bukele's leadership.