Fitch, one of the “big three” credit rating agencies, has cautioned that El Salvador’s move to make Bitcoin legal tender would put banks at risk of money laundering, terrorist financing and tax evasion.
El Salvador’s president, Nayib Bukele, announced last week that Bitcoin would become legal tender on September 7.
However, the World Bank, the IMF, and other global authorities have been critical of the move. The World Bank has refused a request from El Salvador to assist in the country’s implementation of Bitcoin as legal tender.
