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Bitcoin legalization carries certain risks, experts say
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The organization is calling on El Salvador to develop security measures for Bitcoin transactions.
Fitch has revealed the dangers of legalizing bitcoin as a legal tender in El Salvador. The agency’s report says that the move may increase the risks of regulation of financial institutions, financial and operational risks.
In addition, the legalization of bitcoin can lead to a violation of international standards for combating money laundering and terrorist financing.
Fitch analysts also believe that the El Salvadorian authorities need to develop measures to ensure the security of Bitcoin transactions, as sharp fluctuations in value can significantly complicate its use as a means of payment.
Let us remind you that in June El Salvador was the first in the world to recognize bitcoin legal tender. President Nayib Bukele is confident that the cryptocurrency will spur the national economy. Ukraine is also preparing to legalize cryptocurrencies and operations associated with them.
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