El Salvador passed a law adopting Bitcoin as legal tender on June 9, and reactions already run the gamut from excitement among crypto-evangelists in El Salvador to warnings of financial risks from the International Monetary Fund to critical analysis of the authoritarian politics behind the move. The future impact on transnational financial crime problems involving El Salvador is another issue to watch, as this first-ever national adoption of Bitcoin develops. Multiple potential problem areas are readily apparent.
Tax evasion. In addition to pushing the adoption of Bitcoin as legal tender, El Salvador’s president is welcoming foreign “crypto entrepreneurs” to El ...
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