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El Salvador’s adoption of bitcoin a concern, says Bank of England chief Andrew Bailey
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moneycontrol.comBank of England Governor Andrew Bailey on November 25 called El Salvador’s decision to adopt Bitcoin as its currency “concerning”, adding that consumers “will probably be caught out by its volatility”, Bloomberg has reported.
“It concerns me that a country would choose it as its national currency. What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have,” he said while responding to questions during a Cambridge University students union.
Bailey added that the International Monetary Fund (IMF) was also unhappy with El Salvador. The IMF monitors risks to global financial markets.
BOE was also studying whether to create its own digital currency system to facilitate smooth
Read more on moneycontrol.comAbout this in other media
The bigger picture: What does El Salvador’s Bitcoin city mean for the global crypto market? economictimes.indiatimes.com /2 years ago
El Salvador and why hasty crypto-adoption isn’t the way to go ambcrypto.com /2 years ago
Expert calls El Salvador’s Bitcoin volcano bonds, ‘Michael Saylor playbook for a country’ ambcrypto.com /2 years ago
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