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El Salvador’s Bitcoin adoption an ‘interesting experiment,’ says BIS exec

June 11, 2021. Summarized by summa-bot.

Compression ratio: 45%. 1 min read.

El Salvador's move to make Bitcoin legal tender has drawn comments from Benoit Coeure, the head of the innovation hub at 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. ”

As previously reported by Cointelegraph, El Salvador’s parliament passed a bill to make Bitcoin legal tender in the country.

Back in November 2018, Cœuré called Bitcoin the “evil spawn of the [2008] financial crisis. ” Cœuré’s comments about the need for strict crypto regulations are a common theme within the BIS, with general manager Agustín Carstens also routinely calling for more stringent cryptocurrency laws.

Related: IMF plans to meet with El Salvador’s president, potentially discussing move to adopt Bitcoin

Indeed, reports indicate that Bitcoin could be a topic of discussion between the IMF and El Salvador’s president on a planned $1-billion program.

by summa-bot

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