<p>El Salvador's government on Monday defended the country's adoption of Bitcoin as legal tender, rejecting calls from the International Monetary Fund to change course.</p>.<p>The IMF last Tuesday warned of "large risks" posed by the cryptocurrency's volatility.</p>.<p>"No multilateral body is going to force you to do anything, absolutely nothing. States are sovereign states and make sovereign decisions about their public policies," Finance Minister Alejandro Zelaya said Monday.</p>.<p>In September, El Salvador became the first country to adopt Bitcoin as legal tender, alongside the US dollar.</p>.<p>At the time, the cryptocurrency was trading at about $44,000.</p>.<p>It hit a record of $67,734 in November, but has since fallen and is now trading at about $38,000.</p>.<p>Last week, the IMF board, comprised of representatives of member countries, "urged" President Nayib Bukele's government "to narrow the scope of the Bitcoin law by removing Bitcoin's legal tender status."</p>.<p>It warned of "large risks associated with the use of Bitcoin on financial stability, financial integrity, and consumer protection" and with issuing Bitcoin-backed bonds.</p>.<p>But Zelaya told Channel 21 on Monday the IMF had never asked El Salvador to "eliminate" Bitcoin as legal tender.</p>.<p>He added plans were afoot to issue a Bitcoin bond in the first half of March with "all the safeguards" in place.</p>.<p>"There is regulation for this," he said "All risks have been evaluated and we have worked on every one to minimize them."</p>.<p>Zelaya added that El Salvador continued in negotiations with the IMF for a $1.3-billion financing agreement to clear its debt.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
<p>El Salvador's government on Monday defended the country's adoption of Bitcoin as legal tender, rejecting calls from the International Monetary Fund to change course.</p>.<p>The IMF last Tuesday warned of "large risks" posed by the cryptocurrency's volatility.</p>.<p>"No multilateral body is going to force you to do anything, absolutely nothing. States are sovereign states and make sovereign decisions about their public policies," Finance Minister Alejandro Zelaya said Monday.</p>.<p>In September, El Salvador became the first country to adopt Bitcoin as legal tender, alongside the US dollar.</p>.<p>At the time, the cryptocurrency was trading at about $44,000.</p>.<p>It hit a record of $67,734 in November, but has since fallen and is now trading at about $38,000.</p>.<p>Last week, the IMF board, comprised of representatives of member countries, "urged" President Nayib Bukele's government "to narrow the scope of the Bitcoin law by removing Bitcoin's legal tender status."</p>.<p>It warned of "large risks associated with the use of Bitcoin on financial stability, financial integrity, and consumer protection" and with issuing Bitcoin-backed bonds.</p>.<p>But Zelaya told Channel 21 on Monday the IMF had never asked El Salvador to "eliminate" Bitcoin as legal tender.</p>.<p>He added plans were afoot to issue a Bitcoin bond in the first half of March with "all the safeguards" in place.</p>.<p>"There is regulation for this," he said "All risks have been evaluated and we have worked on every one to minimize them."</p>.<p>Zelaya added that El Salvador continued in negotiations with the IMF for a $1.3-billion financing agreement to clear its debt.</p>.<p><strong>Watch latest videos by DH here:</strong></p>