El Salvador’s Bitcoin Law is Destined to Be Caught in the FATF’s Regulatory Web

Steve Hanke (), Nicholas Hanlon () and Parth Thakkar ()
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Steve Hanke: The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise
Nicholas Hanlon: The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise
Parth Thakkar: The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise

No 188, Studies in Applied Economics from The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise

Abstract: In the middle of the night of June 8th, El Salvador’s Congress hastily passed the Bitcoin Law. This law will make bitcoin legal tender (actually, forced tender). Since the modalities concerning the implementation of the Bitcoin Law change with each passing day, we cannot opine on the details surrounding the scheduled launch of the Bitcoin Law on September 7, 2021. That said, it’s abundantly clear that if the Bitcoin Law is actually implemented, El Salvadoran banks, merchants, and their customers will cross swords with Financial Action Task Force regulators and be ensnared in the FATF’s web of regulations.

Pages: 10 pages
Date: 2021-07-02
New Economics Papers: this item is included in nep-ban, nep-law and nep-pay
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