Why Does the International Monetary Fund Demand a Sovereign Nation to Review Its Bitcoin Law in Order to Receive Help, and Why Is El Salvador Seeking Assistance?
This is a pertinent question to understand and find a solution for. After all, when Nayib Bukele and his peers decided to adopt Bitcoin as a legal instrument in the country, they knew in advance that the IMF would never grant them any monetary assistance without making demands. After all, they like to have their debtors under their thumb.
Hypothetically, El Salvador also did not think well when seeking help from this fund because they are harsh towards those who step out of line and choose to embark on an innovative path and invest in cryptocurrencies for their portfolio. After all, they do not consider or rather do not want their members to be smarter than them, so why did they do it?
I'll tell you why they did it, and it's simple. Despite being an innovative country and betting on Bitcoin for the security of its national treasury, they do not live in isolation and need the IMF to be able to survive. First, because they need to borrow money for numerous payments, constructions, and a set of things that a country needs to live and have a growing population.
And this is where the IMF can take advantage and make El Salvador change its policy regarding Bitcoin if it wants its help. But is it worth it?
If El Salvador accepts changing its way of life to receive help, it means that the country has no backbone, but I believe that Nayib Bukele will not do so because he is innovative. However, will the modern world accept this lightly? I believe not.
We have seen many leaders accused of many things just for not aligning with what the world wants. Muammar Gaddafi and Saddam Hussein are just a few examples. The world does not forgive leaders who step out of line, but Bukele still has the support of Salvadorans and depends on them to have the approval of work.
The world is hypocritical, and it shouldn't be like that. If he asked for help from the IMF, it's because he needs it and will pay high interest rates, so it doesn't make sense for the IMF to interfere with its monetary policy. What do you think of this pretense of the IMF? Is it fair?
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