{"id":183753,"date":"2022-04-29T06:30:44","date_gmt":"2022-04-29T05:30:44","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=183753"},"modified":"2022-04-29T06:30:44","modified_gmt":"2022-04-29T05:30:44","slug":"adopting-bitcoin-as-legal-tender-wont-fix-africas-economic-problems-says-imf","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/04\/29\/adopting-bitcoin-as-legal-tender-wont-fix-africas-economic-problems-says-imf\/","title":{"rendered":"Adopting Bitcoin as legal tender won&#8217;t fix Africa&#8217;s economic problems, says IMF"},"content":{"rendered":"<p>The International Monetary Fund (IMF) has warned against the growing adoption of Bitcoin as legal tender by countries.<\/p>\n<p>This was stated on Thursday by\u00a0<span data-preserver-spaces=\"true\">Abebe Selassie, director of IMF\u2019s African department at a media briefing on the organisation\u2019s economic outlook for Sub-Saharan Africa.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said Bitcoin is not a remedy for the economic troubles in African countries.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">His comment comes a day after the Central African Republic became the first country in Africa and second in the world after El Salvador to adopt bitcoin as a legal tender.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Obed Namsio, chief of staff to President Faustin Archange Touadera, had said the move \u201cplaces the Central African <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/04\/27\/central-african-republic-adopts-bitcoin-as-legal-tender\/\">Republic<\/a> on the map of the world\u2019s boldest and most visionary countries.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to the World Bank, the<\/span><span data-preserver-spaces=\"true\">\u00a0Central African Republic is a sparsely populated country of 5.4 million inhabitants. It is one of the poorest and most fragile countries despite its natural resources.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But speaking with journalists, Selassie criticised the move, saying, \u201cit\u2019s really important to not see such things as a panacea for economic challenges our countries face\u201d.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cYou have to make sure that the legislative framework, in terms of the transparency of financial flows, the governance framework around it is all robustly in place.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In January, the IMF had urged El Salvador to remove Bitcoin as legal tender.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">On Thursday, Bitcoin appreciated<\/span><span data-preserver-spaces=\"true\">\u00a01.96 per cent to about $39,782, according to data from coinmarketcap.com.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The International Monetary Fund (IMF) has warned against the growing adoption of Bitcoin as legal tender by countries. This was stated on Thursday by\u00a0Abebe Selassie, director of IMF\u2019s African department at a media briefing on the organisation\u2019s economic outlook for Sub-Saharan Africa. He said Bitcoin is not a remedy for the economic troubles in African [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":35484,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[37],"tags":[5719,728,36448,7595],"class_list":["post-183753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-abebe-selassie","tag-bitcoin","tag-central-african-republic","tag-international-monetary-fund-imf"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Adopting Bitcoin as legal tender won&#039;t fix Africa&#039;s economic problems, says IMF<\/title>\n<meta name=\"description\" content=\"The International Monetary Fund (IMF) has warned against the growing adoption of Bitcoin as legal tender by countries.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/04\/29\/adopting-bitcoin-as-legal-tender-wont-fix-africas-economic-problems-says-imf\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Adopting Bitcoin as legal tender won&#039;t fix Africa&#039;s economic problems, says IMF\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund (IMF) has warned against the growing adoption of Bitcoin as legal tender by countries. This was stated on Thursday\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2022\/04\/29\/adopting-bitcoin-as-legal-tender-wont-fix-africas-economic-problems-says-imf\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/SodiqAdewaleChocomilo?mibextid=ZbWKwL\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-29T05:30:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2021\/05\/adewale_chocomilo\/2021\/05\/19\/Bitcoin-1-770x433-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"431\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sodiq Lawal 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CHOCOMILO is an award winning journalist. 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