{"id":8129,"date":"2021-06-11T17:54:04","date_gmt":"2021-06-11T17:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/bis-official-insists-bitcoin-fails-means-of-payment-test-calls-el-salvadors-btc-law-interesting-experiment\/"},"modified":"2021-06-11T17:54:04","modified_gmt":"2021-06-11T17:54:04","slug":"bis-official-insists-bitcoin-fails-means-of-payment-test-calls-el-salvadors-btc-law-interesting-experiment","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bis-official-insists-bitcoin-fails-means-of-payment-test-calls-el-salvadors-btc-law-interesting-experiment\/","title":{"rendered":"BIS Official Insists Bitcoin Fails Means of Payment Test, Calls El Salvador\u2019s BTC Law \u2018Interesting Experiment\u2019"},"content":{"rendered":"<p><strong>An official at the Bank for International Settlements (BIS) and former member of the executive board of the European Central Bank (ECB), Benoit Coeure, insists that bitcoin has not passed the test of being a means of payment. He calls El Salvador\u2019s move to make the cryptocurrency legal tender \u201can interesting experiment.\u201d<\/strong><\/p>\n<h2>BIS Official Doubts Bitcoin Can Function as Means of Payment in El Salvador<\/h2>\n<p>Benoit Coeure, head of the Innovation Hub at the Bank for International Settlements (BIS), commented on El Salvador\u2019s move to make bitcoin legal tender Friday. He said at the launch of a regulatory research hub at the Bank of England (BoE):<\/p>\n<p>El Salvador, that is an interesting experiment indeed.<\/p>\n<p>A member of the BIS executive committee, Benoit Coeure was appointed head of the bank\u2019s innovation hub in 2020. He was previously a member of the executive board of the European Central Bank (ECB). From 2013 to 2019, he chaired the BIS Committee on Payments and Market Infrastructures.<\/p>\n<p>El Salvador became the first country in the world to adopt bitcoin as its <a href=\"https:\/\/news.bitcoin.com\/el-salvador-bitcoin-law-making-btc-legal-tender-passes-with-supermajority\/\">national currency<\/a>, alongside the U.S. dollar, after its congress passed a bill to make the cryptocurrency legal tender Wednesday. The country is now exploring <a href=\"https:\/\/news.bitcoin.com\/el-salvador-mine-bitcoin-energy-volcanoes-100-clean-100-renewable-0-emissions\/\">mining<\/a> using energy from volcanoes.<\/p>\n<p>Coeure emphasized:<\/p>\n<p>We have been clear at the BIS that we don\u2019t see bitcoin as having passed the test of being a means of payments. Bitcoin is a speculative asset and should be regulated as such.<\/p>\n<p><!-- growjs zone placement 31 -->    <!-- end of growjs zone placement --> <\/p>\n<p>The BIS official is not the only one that has voiced concerns regarding bitcoin being legal tender in El Salvador. The International Monetary Fund (IMF) <a href=\"https:\/\/news.bitcoin.com\/imf-concerns-el-salvador-making-bitcoin-legal-tender\/\">said<\/a> Thursday that \u201cAdoption of bitcoin as legal tender raises a number of macroeconomic, financial and legal issues.\u201d<\/p>\n<p>Meanwhile, many countries, including <a href=\"https:\/\/news.bitcoin.com\/us-senators-increased-measures-regulate-trace-cryptocurrencies\/\">the U.S.<\/a>, are increasing their efforts to regulate cryptocurrencies. This week, financial regulators for major economies proposed additional capital rules for banks holding crypto assets.<\/p>\n<p><em><strong>What do you think about Benoit Coeure\u2019s comments on bitcoin in El Salvador? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nFeatured, Beno\u00eet C\u0153ur\u00e9, Beno\u00eet C\u0153ur\u00e9 bitcoin, Benoit Coeure crypto, Beno\u00eet C\u0153ur\u00e9 cryptocurrency, bis bitcoin, bis crypto, El Salvador<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An official at the Bank for International Settlements (BIS) and former member of the executive board of the European Central Bank (ECB), Benoit Coeure, insists that bitcoin has not passed the test of being a means of payment. He calls El Salvador\u2019s move to make the cryptocurrency legal tender \u201can interesting experiment.\u201d BIS Official Doubts&hellip;<\/p>\n","protected":false},"author":0,"featured_media":8130,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8129","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\/8129"}],"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=8129"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8129\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8130"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}