Bank of England Governor Worried About Bitcoin Being Legal Tender in El Salvador
The governor of the Bank of England, the country’s central bank, has voiced concerns about El Salvador choosing bitcoin as a national currency. Citing a recent warning by the International Monetary Fund (IMF) against bitcoin’s use as legal tender, the governor said: “What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have.” Bank of England’s Governor Is Concerned About Bitcoin Being Legal Tender in El Salvador Bank of England (BOE) Governor Andrew Bailey raised concerns....
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It has been one year since Bitcoin became legal tender in El Salvador. Crypto adoption has not been without issues in El Salvador, but it’s difficult to weed through the different stories about Bitcoin because there are so many competing interests promoting or FUDing Bitcoin. This article will filter through the nonsense and describe how Bitcoin in El Salvador has panned out one year after it became legal tender. Why El Salvador Made Bitcoin Legal Tender El Salvador made Bitcoin legal tender ostensibly for a few reasons. The government cited the following reasons: A significant portion of....
The Bank of England promotes CBDCs as a “revolution of money,” while Brits are not really willing to use it. Bank of England governor Andrew Bailey has expressed concerns over El Salvador’s adoption of Bitcoin (BTC) as legal tender after President Nayib Bukele announced the launch of Bitcoin City.Bailey argued that El Salvador’s decision to adopt Bitcoin as a currency was alarming because consumers are likely to suffer from the cryptocurrency’s extreme volatility.Trading around $43,000 on the first day of El Salvador’s Bitcoin adoption as legal tender, Bitcoin surged to a new historical....
The World Bank has refused to provide technical assistance to El Salvador in implementing bitcoin as legal tender. The bank cited bitcoin’s “environmental and transparency shortcomings” as the reason. World Bank Won’t Help El Salvador With Bitcoin Law The World Bank said on Wednesday it cannot help El Salvador implement the law making bitcoin legal tender. A World Bank spokesperson told Reuters, “We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes,” elaborating: While the government did....
Bank of America has outlined some benefits to be had from adopting bitcoin as legal tender in El Salvador. The opportunities include low-cost remittances, financial digitization, more choices, and greater investments from foreign companies. Bank of America Highlights Opportunities Bitcoin Brings to El Salvador as Legal Tender Bank of America (BOA) outlined some potential benefits in El Salvador adopting bitcoin as legal tender in a report published last week. The analysts, including Latin American strategist Claudio Irigoyen, explained that “The market has been excessively....
The Bank of Spain, the central bank of the country, criticized the adoption process El Salvador chose when declaring Bitcoin legal tender last month. In a report titled “The role of crypto assets as legal tender: the example of El Salvador,” the bank examines several pain points the country encountered while applying its bitcoin strategy, and raises concerns about how some actions have been taken with little transparency.
Bank of Spain Scrutinizes El Salvador’s Bitcoin Bet
The Bank of Spain issued a report scrutinizing and reflecting upon the entrance of El....