The International Monetary Fund mission in El Salvador reported that the IMF and local authorities discussed joint measures to stabilize the country’s public debt, including proposals to manage the risks of using bitcoin as a means of payment.

The IMF recommended that El Salvador take a number of measures to reduce risks. First of all, limit the circulation of bitcoin as the main means of payment and make it an additional payment instrument.

“With regard to Bitcoin, while many risks have yet to materialize, there is a general consensus that further efforts are needed to improve transparency and reduce the fiscal and financial stability risks associated with Bitcoin,” the IMF said in a statement.

The International Financial Agency advises the Salvadoran authorities to tighten regulation of the cryptocurrency market, introduce strict rules for all market participants and exchanges, including creating a deposit insurance system.

El Salvador, while pursuing a course towards bitcoinization, does not always agree with the IMF’s recommendations. Earlier, President Nayib Bukele said that despite the IMF’s criticism, El Salvador will continue to buy one bitcoin every day until the first cryptocurrency becomes unavailable for purchase with fiat currency.