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El Salvador should end the role of the highly volatile cryptocurrency Bitcoin as legal tender in the country and strictly regulate the Chivo electronic wallet whose adoption the government has pushed across the country, the International Monetary Fund said in a statement released Tuesday.

The global lender’s board “urged the authorities to narrow the scope of the Bitcoin law by removing Bitcoin’s legal tender status,” the IMF said.

“The adoption of a cryptocurrency as legal tender, however, entails large risks for financial and market integrity, financial stability, and consumer protection. It also can create contingent liabilities,” The IMF warned.

President Nayib Bukele led the push to adopt Bitcoin as legal tender alongside the U.S. dollar. El Salvador’s Legislative Assembly made the country the first to do so in June.

After nearly doubling in value late last year, Bitcoin has plunged and on Tuesday was slightly below where it was last fall.

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Some IMF directors also expressed concern over the risks associated with issuing Bitcoin-backed bonds, the IMF said.

Bukele promoted Bitcoin as a way for thousands of Salvadorans to avoid money transfer fees when relatives living outside the country sent home remittances, reported the Associated Press.

El Salvador’s law called for all businesses — with the technological ability — to accept Bitcoin as payment. The rollout was glitchy, but seems to have smoothed out. Bukele became a darling of the cryptocurrency’s promoters and has since spoken of building a Bitcoin city and issuing Bitcoin-backed bonds, something else some IMF directors expressed concern over.

Bukele’s office said it did not immediately have a comment on the IMF’s statement.

Bukele’s opponents have organized multiple demonstrations against the adoption of Bitcoin, saying it would further marginalize the country’s poorest who lack access to the internet.