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Fitch Ratings: Bitcoin Could Increase Regulatory, AML Risks for El Salvador Banks

Amy Liu

Summary: El Salvador’s recent legislation establishing bitcoin as a legal tender would increase financial institutions’ regulatory, financial and operational risks, including the potential of violating international anti-money laundering (AML) and terrorist financing standards, Fitch Ratings says. Regulators have not announced detailed implementation guidance, however, the high level of bitcoin price volatility will challenge its use as ...

El Salvador’s recent legislation establishing bitcoin as a legal tender would increase financial institutions’ regulatory, financial and operational risks, including the potential of violating international anti-money laundering (AML) and terrorist financing standards, Fitch Ratings says.

Regulators have not announced detailed implementation guidance, however, the high level of bitcoin price volatility will challenge its use as a store of value and means of payment.

By Amy Liu

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