{"id":14788,"date":"2021-11-29T03:54:05","date_gmt":"2021-11-29T03:54:05","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/bank-of-england-governor-worried-about-bitcoin-being-legal-tender-in-el-salvador\/"},"modified":"2021-11-29T03:54:05","modified_gmt":"2021-11-29T03:54:05","slug":"bank-of-england-governor-worried-about-bitcoin-being-legal-tender-in-el-salvador","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bank-of-england-governor-worried-about-bitcoin-being-legal-tender-in-el-salvador\/","title":{"rendered":"Bank of England Governor Worried About Bitcoin Being Legal Tender in El Salvador"},"content":{"rendered":"

The governor of the Bank of England, the country\u2019s central bank, has voiced concerns about El Salvador choosing bitcoin as a national currency. Citing a recent warning by the International Monetary Fund (IMF) against bitcoin\u2019s use as legal tender, the governor said: \u201cWhat would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have.\u201d<\/strong><\/p>\n

Bank of England\u2019s Governor Is Concerned About Bitcoin Being Legal Tender in El Salvador<\/h2>\n

Bank of England (BOE) Governor Andrew Bailey raised concerns about bitcoin being used as legal tender in El Salvador while speaking at the Cambridge University student union Thursday. Bailey explained:<\/p>\n

It concerns me that a country would choose it as its national currency \u2026 What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have.<\/p>\n

El Salvador passed a bitcoin law making the cryptocurrency legal tender alongside the U.S. dollar in September.<\/p>\n

Governor Bailey added that the International Monetary Fund (IMF) is not happy that El Salvador has made BTC<\/a> legal tender.<\/p>\n

The IMF told El Salvador<\/a> last week that bitcoin \u201cshould not be used as a legal tender.\u201d Citing \u201cbitcoin\u2019s high price volatility,\u201d the Fund stated that the use of BTC<\/a> \u201cas a legal tender entails significant risks to consumer protection, financial integrity, and financial stability.\u201d In addition, \u201cIts use also gives rise to fiscal contingent liabilities.\u201d<\/p>\n

The IMF\u2019s warning came one day after El Salvador\u2019s president, Nayib Bukele, announced a plan to build the world\u2019s first \u201cbitcoin city\u201d powered by a volcano and financed by bitcoin bonds.<\/p>\n

Despite the IMF\u2019s warning, El Salvador bought 100 more bitcoins<\/a>, taking advantage of Friday\u2019s crypto sell-offs following reports of a new Covid-19 variant.<\/p>\n

Governor Bailey also commented on the Bank of England\u2019s work to determine whether to issue its own central bank digital currency (CBDC). He emphasized:<\/p>\n

There is a strong case for digital currencies, but in our view it has to be stable, particularly if it\u2019s being used for payments. That is not true for crypto assets.<\/p>\n

The Salvadoran president responded to the concerns raised by the governor of the Bank of England via Twitter Saturday.<\/span><\/p>\n

He wrote: \u201cBank of England is \u2018worried\u2019 about El Salvador\u2019s adoption of bitcoin? Really? I guess Bank of England\u2019s interest in the well-being of our people is genuine. Right? I mean, they have always cared about our people. Always. Gotta love Bank of England.\u201d Bukele <\/span>further tweeted:<\/span><\/p>\n

I\u2019m really concerned about Bank of England printing money out of thin air.<\/p>\n

What do you think about Andrew Bailey\u2019s comments? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, Andrew Bailey, Bank of England, bank of england governor, BoE, boe governor, El Salvador, IMF, legal tender<\/p>\n","protected":false},"excerpt":{"rendered":"

The governor of the Bank of England, the country\u2019s central bank, has voiced concerns about El Salvador choosing bitcoin as a national currency. Citing a recent warning by the International Monetary Fund (IMF) against bitcoin\u2019s use as legal tender, the governor said: \u201cWhat would worry me most of all is, do the citizens of El…<\/p>\n","protected":false},"author":0,"featured_media":14789,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14788"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14788"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14788\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14789"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}