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Statement by the Bank for International Settlements (BIS) in El Salvador


A senior Bank for International Settlements (BIS) official said on Friday that El Salvador’s decision to make Bitcoin a legal currency is an “interesting experiment” with a speculative existence that has not passed the test of being a means of payment….

El Salvador’s decision to make Bitcoin a legal currency is an “interesting experiment” with a speculative existence that has not passed the test of being a means of payment, a senior Bank for International Settlements (BIS) official said on Friday .

“El Salvador, this is a really interesting experiment,” said Benoit Coeure, head of innovation center at Bank for International Settlements . At the opening of the UK central bank’s regulatory research centre, Coeure said:

“We made it clear at the BIS that we did not see Bitcoin pass the test as a means of payment. Bitcoin is a speculative asset and should be regulated as such.”

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