The Bank for International Settlements (BIS) head of the innovation hub, Benoit Coeure, said El Salvador’s move to adopt bitcoin as legal tender is an interesting experiment, according to a report.
- "El Salvador, that is an interesting experiment indeed," Coeure said at the launch of a regulatory research hub at the Bank of England on Friday, Reuters reports.
- "We have been clear at the BIS that we don't see bitcoin as having passed the test of being a means of payments. Bitcoin is a speculative asset and should be regulated as such," said Coeure.
- El Salvador became the first in the world to recognize bitcoin as legal tender and mandate its acceptance across all businesses.
- On Tuesday a supermajority of the nation’s legislature voted in favor of President Nayib Bukele’s proposal for the nation to adopt bitcoin.
- The BIS executive is the latest to express concern about the Latin American country’s decision to adopt bitcoin as legal tender.
- On Thursday, International Monetary Fund spokesperson Gerry Rice said El Salvador's plan to adopt bitcoin as legal tender raises "macroeconomic, financial and legal issues."