A month ago, the prices of Bitcoin plunged 30% after renowned Tesla and SpaceX CEO Elon Musk informed his followers that Tesla would stop receiving Bitcoins as payments amidst the growing environmental concerns over Bitcoin mining.

Latin America is actively opening up to cryptocurrency according to the activities of politicians in Paraguay, El Salvador and most recently Panama.

During a planned press conference, Gerry Rice, an IMF spokesperson, said that the use of bitcoin as legal cash creates various financial, macroeconomic, and legal challenges that demand extremely careful examination.

Wang Yongli, a former Deputy Governor of the Bank of China, has opposed El Salvador’s recent decision to award Bitcoin legal currency status.