El Salvador’s credit rating could take a hit amid Bitcoin adoption, warns S&P Global

Cointelegraph

Published Sep 16, 2021 11:21PM ET

Updated Sep 18, 2021 01:20AM ET

Credit rating agency Standard and Poor (S&P) Global believes the country of El Salvador has severely harmed its credit rating after enacting its Bitcoin Law recognizing Bitcoin (BTC) as legal tender nationwide on Sept. 7.

According to a report from Reuters Thursday, El Salvador’s Bitcoin embrace exposes its economy to significant financial risks and could pose challenges for the country’s lending industry.

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