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BIS official casts doubt on El Salvador bitcoin ‘experiment’

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El Salvador’s determination to make bitcoin authorized tender is an “attention-grabbing experiment” with a speculative asset that doesn’t cross the take a look at of being a way of fee, a senior world central banking official stated on Friday.

“El Salvador, that’s an attention-grabbing experiment certainly,” stated Benoit Coeure, head of the innovation hub on the Financial institution for Worldwide Settlements.

“We’ve been clear on the BIS that we do not see bitcoin as having handed the take a look at of being a way of funds. Bitcoin is a speculative asset and needs to be regulated at such,” Coeure stated on the launch of a regulatory analysis hub with the Financial institution of England.

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