{
  "title": "El Salvador: Selected Issues",
  "publication": "IMF Staff Country Reports, March 19, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/03/19/el-salvador-selected-issues-565394",
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  "summary": "This Selected Issues paper focuses on Bitcoin and financial inclusion in El Salvador. El Salvador’s economy can benefit from policies to facilitate access to financial services, enhance financial literacy and lower the cost of remittances.",
  "sections": [
    {
      "heading": "Main findings on Bitcoin adoption and financial inclusion",
      "content": "- The Selected Issues paper focuses on Bitcoin and financial inclusion in El Salvador.\n- El Salvador’s economy can benefit from policies to facilitate access to financial services, enhance financial literacy and lower the cost of remittances.\n- The Bitcoin adoption as legal tender has not contributed to promote financial inclusion and digital remittances.\n- More than one year after implementation, the adoption of Bitcoin as official currency with legal tender status has thus far not led to visible improvements in financial inclusion.\n- Despite the large use of public funds for subsidizing bitcoin transaction costs, acceptance and use by individuals and firms remains minimal.\n- There is no evidence of any beneficial use case of Bitcoin for the unbanked population."
    },
    {
      "heading": "Risks and systemic concerns identified",
      "content": "- The project involves sizeable risks, including:\n  - fiscal contingencies,\n  - consumer protection issues,\n  - governance issues.\n- These risks could be magnified in the event of wider adoption and further fallout in crypto markets."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Prioritize policies to:\n  - facilitate access to financial services,\n  - enhance financial literacy,\n  - lower the cost of remittances.\n- Reconsider public subsidy programs for bitcoin transaction costs given minimal private uptake and the fiscal risks described.\n\n---\n\n Content in this bundle\n\n- El Salvador: Selected Issues; IMF Country Report No. 25/68; March 2, 2023\n  - El Salvador: Selected Issues; IMF Country Report No. 25/68; March 2, 2023 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - El Salvador: Selected Issues; IMF Country Report No. 25/68; March 2, 2023 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: March 19, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229005104.002",
    "The Selected Issues paper focuses on Bitcoin and financial inclusion in El Salvador.",
    "El Salvador’s economy can benefit from policies to facilitate access to financial services, enhance financial literacy and lower the cost of remittances.",
    "The Bitcoin adoption as legal tender has not contributed to promote financial inclusion and digital remittances.",
    "More than one year after implementation, the adoption of Bitcoin as official currency with legal tender status has thus far not led to visible improvements in financial inclusion.",
    "Despite the large use of public funds for subsidizing bitcoin transaction costs, acceptance and use by individuals and firms remains minimal.",
    "There is no evidence of any beneficial use case of Bitcoin for the unbanked population.",
    "The project involves sizeable risks, including:",
    "These risks could be magnified in the event of wider adoption and further fallout in crypto markets.",
    "Prioritize policies to:",
    "Reconsider public subsidy programs for bitcoin transaction costs given minimal private uptake and the fiscal risks described.",
    "**El Salvador: Selected Issues; IMF Country Report No. 25/68; March 2, 2023**"
  ],
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