For the IMF, the adoption of Bitcoin in El Salvador will pose legal and economic problems

“We are following developments closely and will continue our consultations with the authorities,” he added.

Foreign investors, worried about the future of a deal with the IMF, demanded ever higher premiums to maintain Salvadoran debt. The JPMorgan EMBI Global Diversified Index, which compares debt to yields on U.S. Treasuries, jumped 61 basis points on Thursday to trade at 683 points, the highest level since February 22.

Donato Guarino from Citi said that “We view the Bitcoin news from El Salvador as noise that could complicate discussions with the IMF.” For her part, Rice confirmed that the Fund will meet with Bukele to discuss the Bitcoin Law. El Salvador is in talks with the IMF for a program of nearly $ 1 billion.

“Cryptocurrencies are a very marginal story for the investment approach in El Salvador”said Patrick Esteruelas, head of research at Emso Asset Management in New York, adding: “Whether or not El Salvador is attractive (to investors) will depend on Bukele’s ability to use his indisputable political capital to control a large budget deficit. consolidated”.

“The law alone does not dispel doubts about the viability of the project or add confidence that it will get the IMF program back on track.Said Nathalie Marshik, Head of Research on Sovereign Emerging Markets at Stifel.

The new regulations in El Salvador mean Bitcoin will be on a par with the dollar, which became its official currency 20 years ago. El Salvador bonds traded lower on the curve on Thursday, with the 2027 and 2052 issues losing 1 cent each on the day.