The risks of bitcoin legalization by El Salvador “did not materialize” due to the “limited” distribution of cryptocurrency. About it declared experts from the International Monetary Fund (IMF).
“Although [связанные с биткоином] risks did not materialize due to limited use [актива] – as survey and transaction data show – its use may expand […]. In this context, key risks to financial integrity and stability, fiscal sustainability and consumer protection remain.
The opinion is submitted in the framework of the preliminary opinion of the organization on the results of the visit of its employees to El Salvador for consultations in accordance with paragraph IV IMF Articles of Agreement.
The International Monetary Fund stressed that the country’s authorities should “reconsider their plans to expand government risks in relation to bitcoin.” The specialists also noted that they cannot estimate the volume of El Salvador’s investments in the asset due to the government’s “non-transparent” actions.
However, analysts said the country’s economy has “fully recovered” to pre-coronavirus levels.
Recall that in January 2023, the Parliament of El Salvador passed a law providing a legal basis for the issuance of digital assets, including bonds based on bitcoin.
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