The IMF recommends the Central Government to limit the scope of the Bitcoin Law and that they should urgently strengthen the regulation and supervision of the new payment ecosystem.

In addition, it noted that, in the case of other e-wallets, Chivo Wallet should be forced to fully secure users' funds, in dollars and Bitcoin, through the separation and protection of reserve assets.

It notes that some measures to limit fiscal contingent liabilities, such as eliminating the trust or withdrawing budget subsidies to Chivo, should be promptly evaluated.

Also, strong regulation and oversight of the new payment system should be implemented immediately for consumer protection, money laundering prevention, terrorist financing prevention, and risk management.

There should also be banking regulation in which prudential safeguards, such as conservative capital and liquidity requirements, should be incorporated to fully support any exposure to Bitcoin.

Moreover, recently announced plans to use proceeds from new sovereign bond issues to purchase Bitcoin and the implications of broader trading in the Bitcoin market will require very careful analysis of the implications and potential risks to financial stability.