Bitcoin
IMF Warns El Salvador Against Using Bitcoin as Legal Tender After ‘Bitcoin City’ Announcement
The International Monetary Fund has warned El Salvador not to use bitcoin as legal tender because of the many risks associated with cryptocurrency. This warning was issued one day after Nayib Bukele, Salvadoran President, announced plans to create a “bitcoin capital” powered by a volcano. It would be funded by bitcoin bonds.
IMF: El Salvador Shouldn’t Use Bitcoin As Legal Tender
The International Monetary Fund (IMF), warned El Salvador Monday not to use bitcoin as legal currency, citing the many risks associated with cryptocurrency.
El Salvador was the first country to accept bitcoin as legal currency , alongside the U.S. dollars it has been using for over two decades. In September, El Salvador’s bitcoin law was implemented. Furthermore, El Salvador has purchased 1,120 BTC, according to Salvadoran President Nayib Bukele.
The IMF frequently conducts Article IV missions to member nations to consult with officials before they request its resources. The IMF explained that El Salvador was a case in point. “The adoption and supervision of bitcoin service providers and the regulation of them were all discussed .”
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In its “Staff Concluding Statement of the 2021 Article IV Mission” for El Salvador, the IMF detailed:
Given bitcoin’s high price volatility, its use as a legal tender entails significant risks to consumer protection, financial integrity, and financial stability. There are also fiscal contingent liabilities that can be incurred by bitcoin’s use. These risks make bitcoin a bad legal tender.
The IMF recommended “narrowing” the bitcoin law’s scope and urged El Salvador “to strengthen regulation and supervision of new payment ecosystem .”
The recent statement from the IMF came one day after President Bukele announced a plan to build the world’s first bitcoin city powered by a volcano and financed by bitcoin bonds. He stated that there would be no taxes in the bitcoin capital, except for value-added taxes (VAT).
“The plans to issue sovereign bonds and use the proceeds to buy bitcoin and fund infrastructure plans announced on November 20, occurred after the technical work of the mission concluded, and were not discussed with the authorities,” the IMF clarified.
Commenting upon the IMF statement, Bukele stated:
Although we obviously do not agree on some things, such as the adoption of bitcoin, the analysis it makes of our country is interesting.
What do you think about the IMF advising El Salvador against using bitcoin as legal tender? Comment below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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Bitcoin
$GME ETH Meme Coin: From Disruption to Sustained Value
Meme coins have been instrumental and effective in gaining traction for and within the crypto market recently. By December last year, the meme coin sector was worth more than 11% of the crypto market capitalization, excluding Bitcoin and Ether.
Between Jan 1 and Dec 1 last year, meme coin trading volume grew 979%. It accounted for 5.27% of the entire crypto market’s volume. The data point that is even more telling about the thriving meme coin ecosystem is that approximately 1 million new tokens are created weekly in this space. But do all the coins thrive the same way? The numbers say otherwise.
Coins that Rose and Fell Flat
Dogecoin, one of the most discussed meme coins, fell sharply twice. The coin hit its all-time high in May 2021, when the price reached almost US$0.74. However, the coin failed to sustain its price and currently trades at US$0.15.
The same happened with $TRUMP. Soon after its launch, the token witnessed explosive growth and reached an all-time high of US$75.35. It took only two days for the coin to travel from an all-time low of US$6.24 to an all-time high. However, with the presidential elections over, the enthusiasm around the token largely fizzled out. The token currently trades at a little over US$10.
Nearly the same pattern of fall could be seen in the case of $MELANIA. This meme coin hit its all-time high price of US$13.73 on January 19, 2025. In less than a couple of months’ interval, the price came down to an all-time low of US$0.65.
However, this is not the case for all Meme coins. GME ETH, in particular, is uniquely poised to capture the imminent fresh influx of capital the market is about to witness.
$GME ETH: The Sustained Disruptor
The digital asset space is all set to onboard the largest wave of participants from traditional finance. Bitcoin will likely hit US$100K once again, creating a positive psychological impact for many new investors and skeptics to embrace this asset class. Amid this, $GME ETH is uniquely placed to onboard this group of investors as the Gamestop movement is instantly relatable and familiar to trad-fi participants.
It is possible to buy $GME through conventional avenues using Apple Pay, Google Pay, PayPal, and other trusted payment methods. One can become a $GME owner on more than 35 trusted Centralized Exchange or may get their $GME directly on a Decentralized Exchange, ensuring complete control over your assets and privacy in every transaction.
Inspired by the 2021 stock market short squeeze, GME Ethereum is built on one of the most secure blockchains, Ethereum. It benefits from Ethereum’s robust security, decentralization, and ongoing scalability improvements through Layer 2 solutions.
Over time, the coin has emerged as a community-driven cryptocurrency that embodies resilience, determination, solidarity, and perseverance. It seeks to address challenges that exist in traditional financial markets, including limited information, fewer resources, market manipulation, and high transaction costs.
Altogether, $GME has moved beyond the role of playing a disruptor and emerged as a coin that could offer sustained value and build a loyal ecosystem by offering a lot more than appreciation in prices. It offers educational opportunities, access to a community of investors and traders, a wide wallet distribution, and low gas fees. Overall, it’s a wholesome place for any investor—new or experienced—to thrive!
Editor-in-Chief of CoinCentral and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact Oliver@coincentral.com
Bitcoin
BinoFi (BINO) Rivaling Bitcoin (BTC) as 2025’s Most Talked-About Crypto Investment
While Bitcoin (BTC) has long been the crown jewel of crypto investments, a new contender, BinoFi (BINO), is swiftly gaining traction among industry insiders.
Its cutting-edge hybrid exchange, innovative features, and accelerating adoption have many asking: Could BinoFi rival Bitcoin as the most talked-about cryptocurrency by 2025?
Here’s an in-depth look at what makes BinoFi unique and why it’s capturing the attention of both novice and seasoned investors.
The BinoFi Revolution: What Sets It Apart?
BinoF is a next-generation hybrid exchange designed to combine the best of centralized (CEX) and decentralized exchanges (DEX). This revolutionary approach aims to address long-standing issues in crypto trading, such as inefficiencies in liquidity, slow transactions, and security concerns.
Here’s what makes BinoFi stand out:
- Hybrid Liquidity Model: BinoFi offers the flexibility of tapping into both centralized liquidity pools for speed and decentralized smart contracts for security. This ensures trades are executed at the best possible price with minimal slippage.
- Cross-Chain Trading Without Bridges: Unlike most platforms reliant on wrapped assets or third-party bridges, BinoFi enables direct trading across blockchains. This feature significantly reduces operational risks and improves user confidence.
- AI-Driven Trading Tools: BinoFi introduces AI-powered smart trading bots, market alerts, and automated risk analysis tools that enable users to trade smarter and capitalize on market opportunities.
- Non-Custodial Security: Thanks to its Multi-Party Computation (MPC) wallets, users maintain full control over their assets while enjoying the conveniences of traditional exchanges like gasless transactions and account recovery
- Proof-of-Reserves Transparency: BinoFi uses on-chain proof-of-reserves to ensure liquidity, minimizing risks of insolvency that plague centralized exchanges.
These cutting-edge innovations position BinoFi as a versatile, secure, and user-friendly exchange platform that appeals to both professional traders and everyday users.
Bitcoin’s Legacy vs. BinoFi’s Potential
Bitcoin is undeniably a trailblazer, having introduced blockchain technology and decentralized finance to the mainstream. However, as the market evolves, Bitcoin’s limitations have become evident. Its scalability issues and slow transaction speeds make it hard to compete with modern solutions like BinoFi.
BinoFi is already achieving milestones that bolster its trajectory toward becoming a powerhouse in cryptocurrency. Its listing on CoinMarketCap marks its arrival on the global stage.
BinoFi’s fast-moving presale has made headlines with an extraordinary level of participation. Early backers are increasingly optimistic, and analysts believe the token could surpass the $1 mark by mid-2025, offering early investors life-changing returns.
Bitcoin’s strength lies in its community, but BinoFi is forging its own robust following. From its $1 million giveaway to its gamified trading system, BinoFi is building an ecosystem driven by engagement and innovation.
Features such as Trade-to-Earn and social trading further enhance its appeal, catering to a new wave of crypto enthusiasts.
Crypto analysts are increasingly bullish on BinoFi. A well-known industry expert highlighted, “BinoFi’s hybrid model is not just innovative; it’s a game-changer. By balancing speed, security, and transparency, it addresses fundamental flaws in current crypto exchanges. Its potential to scale and attract institutional adoption is immense.”
Could BinoFi Be Your Golden Opportunity?
With growing market traction and innovative technology, BinoFi represents a fresh perspective on crypto trading. While Bitcoin paved the way for decentralized finance, BinoFi is arguably the next step in its evolution. Whether you’re an investor who missed Bitcoin’s early days or someone looking to diversify, BINO offers a compelling case.
The cryptocurrency market is no stranger to swift transformations, and those who act early often reap the greatest rewards. The buzz surrounding BinoFi’s presale, expert predictions, and $1 million giveaway are not just hype but signals for a future ready to disrupt the crypto world.
Conclusion
BinoFi is more than just a cryptocurrency; it’s a movement redefining how assets are traded and managed. Its hybrid model and innovative technology could make it the centerpiece of the next generation of blockchain solutions.
For those seeking a high-potential investment opportunity, BinoFi offers an exciting chance to be part of what could become 2025’s most talked-about crypto investment.
Website: https://binofi.com
Whitepaper: https://whitepaper.binofi.com
Giveaway: https://giveaway.binofi.com
Telegram: https://t.me/binofilabs
Twitter: https://x.com/Binoficom
CoinMarketCap: https://coinmarketcap.com/currencies/binofi/
Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.
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