El Salvador’s Bitcoin Law Effective September, E-Wallets to Get $30 Worth of Crypto
President Nayib Bukele made the announcement during a national address on Thursday.
The bill reportedly seeks to regulate ownership and registration of crypto as well as crypto mining operations.
The bank points to bitcoin's illiquid nature, volatility and U.S. dollar conversion risk as major limitations for its use as legal tender.
The rating agency said that the law and other policy decisions had “weakened governance” and increased tensions with other countries.
The poll, which took the results from 1,233 people between July 1 and July 4, also showed 46% knew "nothing" about bitcoin.
Victoria Nuland, U.S. undersecretary for political affairs, met with President Nayib Bukele on Wednesday.