This month, the International Monetary Fund said that it was asking the government of El Salvador – the first country in the world to declare bitcoin legal tender – to “limit” governmental exposure to the cryptocurrency, as well as narrow “the scope of the bitcoin law.”

“What we have recommended is a narrowing of the scope of the bitcoin law, strengthening the regulatory framework and oversight of the bitcoin ecosystem, and limiting public sector exposure to bitcoin,” said Julie Kozack, director of communications at the IMF.

“Addressing risks arising from bitcoin is a key element of these discussions,” she added, underscoring the multilateral organization's ongoing opposition to the financial risks associated with bitcoin.

In the past, the IMF has been critical of El Salvador's bitcoin program, particularly its lack of transparency and potential to imperil the country's financial stability and economy, which it projects can see 3% growth this year. The Central American country has been consistently logging 2.5% in yearly economic growth, according to the World Bank.

"While many of the risks have not yet materialized, there is joint recognition that further efforts are needed to enhance transparency and mitigate potential fiscal and financial stability risks from the bitcoin project," the IMF said earlier this year. "Additional discussions in this and other key areas remain necessary."

El Salvador is currently seeking another loan from the IMF, and as of early October, owes the multilateral organization 107.7 million in special drawing rights. By taking on a new loan, Kozack said San Salvador was hoping to stabilize its macroeconomic picture and willing to undergo economic reforms. The organization said that negotiations were underway to increase the liquidity reserves of banks, boost public finances, ensure transparency and good governance, as well as "mitigate the risks from bitcoin."

At present, the government of El Salvador publicly holds more than $360 million in bitcoin.