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BIS Bank comments on El Salvador’s decision to legalize bitcoin

The IMF criticized the decision of the El Salvadorian authorities to legalize bitcoin, the Bank for International Settlements (BIS) also expressed concern about this. Recall that one of the most important events in the cryptosphere was the adoption of a law by the Parliament of El Salvador, which recognizes cryptocurrency as a legal tender. Benoit Kere, head of the BIS Innovation Center, stressed that it will be interesting to see how the financial sector of El Salvador can accept Bitcoin. This is an interesting experiment, however, in general, our position does not change, and we consider BTC as a speculative instrument, quotes the words of the top manager of the Reuters agency. Benoit Kere said: We made it clear in BIS that we see no reason for Bitcoin to pass this test to become a legal tender. Bitcoin is a speculative asset and must be regulated according to the relevant rules. The management of the Bank for International Settlements periodically announces that central banks need to develop a system that will control the movement of funds in cryptocurrency. Back in January, the head of BIS, Augustin Carstens, talked about the need for the early implementation of cryptosphere regulation. Moreover, the bet should be placed not on bitcoin, but on stablecoins backed by fiat money.

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