Fitch warns that El Salvador's acquisition of Bitcoin could hurt insurance companies' creditworthiness.

Fitch Ratings warned that there is "additional regulation and risk taking" for the adoption of Bitcoin as fiat in El Salvador, as the actual use of Bitcoin has yet to be defined by international management. The agency said it didn't want insurance companies to use Bitcoin extensively for apps or payments, and that it didn't want to offer digital currency insurance coverage. In a press release, Fitch said in a statement: "The risk of using Bitcoin is often offset by the acceptance of insurers. If insurers decide to use them to pay their bills, insurance companies will convert bitcoin. in USD as soon as possible This fate: Currently, the insurance industry in El Salvador is affected by low interest rates, most of which are on government bonds (B / negative measure). As previously reported, Salvadoran lawmakers voted to pass the Bitcoin law on June 8. El Salvador will officially adopt cryptocurrency as a fiat currency on September 7. (Parts office)