According to International Monetary Fund (IMF) experts, the risks of Bitcoin legalization by El Salvador "did not materialize" due to "limited" distribution of cryptocurrencies.
According to the organization's experts:
"While risks have not materialized due to the limited Bitcoin use so far—as suggested by survey and remittances data—its use could grow. In this context, underlying risks to financial integrity and stability, fiscal sustainability, and consumer protection persist."
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This is the conclusion reached by the organization as part of its staff's visit to El Salvador for consultations under paragraph IV of the IMF's Articles of Agreement.
The International Monetary Fund has noted the country's authorities should "reconsider their plans to expand government exposures to Bitcoin."
According to them, they are unable to estimate the volume of El Salvador's investments in the asset due to the government's "non-transparent" actions.