BIS Official Insists Bitcoin Fails Means of Payment Test, Calls El Salvador’s...
An official at the Bank for International Settlements (BIS) and former member of the executive board of the European Central Bank (ECB), Benoit Coeure, insists that bitcoin has not passed the test of being a means of payment. He calls El Salvador’s move to make the cryptocurrency legal tender “an interesting experiment.” BIS Official Doubts Bitcoin Can Function as Means of Payment in El Salvador Benoit Coeure, head of the Innovation Hub at the Bank for International Settlements (BIS), commented on El Salvador’s move to make bitcoin legal tender Friday. He said at....
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The Bank of Finland has decided that Bitcoin has failed the currency test. "The Currency Test" as it is referred to by banks and governments around the world in regards to Bitcoin has differing meanings wherever it is cited. Bitcoin's rise to the top is tumultuous indeed. In an interview with Bloomberg's Kati Pohjanpalo, Paeivi Heikkinen, the head of oversight over at the Bank of Finland, stated: "Considering the definition of an official currency as set out in law, it's not that. It's also not a payment instrument, because the law stipulates that a payment instrument must have an issuer....
El Salvador’s move to make Bitcoin legal tender in the country continues to elicit reactions from legacy finance gatekeepers — this time, from the Bank for International Settlements. Benoît Cœuré, Bitcoin (BTC) critic and the head of the innovation hub at the Bank of International Settlements, called El Salvador’s historic move to make BTC legal tender in the country an “interesting experiment.”According to Reuters, Cœuré made this assertion during the launch of the BIS’s fourth innovation hub in England on Friday, stating:“We have been clear at the BIS that we don’t see bitcoin as having....
Resistance against El Salvador’s move to make Bitcoin a legal tender persists even as the law comes into effect. The year 2021 will probably go down the history books as one of Bitcoin’s (BTC) most interesting years, given its recent uptake by billionaires and adoption by mainstream institutions, not to mention El Salvador’s move to make it legal tender. In El Salvador’s case, it almost seems as if the whole world is watching this experiment to see whether it will be a success or a total failure for the Central American nation.With Sept. 7 marking the official implementation of Bitcoin as....
Everything surrounding the ACES act is almost comedic. U.S. Senators Jim Risch, Bob Menendez, and Bill Cassidy introduced the “Accountability for Cryptocurrency in El Salvador” AKA the ‘‘ACES Act.’’ It’s bipartisan legislation that would allow the U.S. to produce a full report on El Salvador’s post-Bitcoin Law situation. Related Reading | Crypto Regulation: U.S. Senator […]