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

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. The credit agency also believes the move could also dampen El Salvador’s chances of securing a $1-billion loan agreement it...