{"id":272004,"date":"2021-06-11T13:47:39","date_gmt":"2021-06-11T10:47:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/el-salvadors-bitcoin-adoption-an-interesting-experiment-says-bis-exec\/"},"modified":"2021-06-11T13:47:39","modified_gmt":"2021-06-11T10:47:39","slug":"el-salvadors-bitcoin-adoption-an-interesting-experiment-says-bis-exec","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/el-salvadors-bitcoin-adoption-an-interesting-experiment-says-bis-exec\/","title":{"rendered":"# El Salvador\u2019s Bitcoin adoption an \u2018interesting experiment,\u2019 says BIS exec"},"content":{"rendered":"

“# El Salvador\u2019s Bitcoin adoption an \u2018interesting experiment,\u2019 says BIS exec <\/strong>”
\n<\/p>\n

Beno\u00eet C\u0153ur\u00e9, Bitcoin (BTC) critic and the head of the innovation hub at the Bank of International Settlements, called El Salvador\u2019s historic move to make BTC legal tender in the country an \u201cinteresting experiment.\u201d<\/p>\n

According to Reuters<\/a>, C\u0153ur\u00e9 made this assertion during the launch of the BIS\u2019s fourth innovation hub in England on Friday, stating:<\/p>\n

\u201cWe 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 at such.\u201d<\/p><\/blockquote>\n

As previously reported by Cointelegraph, El Salvador\u2019s parliament passed a bill to make Bitcoin legal tender in the country. The legislative vote on president Nayib Bukele\u2019s \u201cBitcoin Law\u201d passed by an overwhelming supermajority of 62 out of 84 votes.<\/p>\n

Back in November 2018, C\u0153ur\u00e9 called Bitcoin the \u201cevil spawn of the [2008] financial crisis.\u201d C\u0153ur\u00e9\u2019s comments about the need for strict crypto regulations are a common theme<\/a> within the BIS, with general<\/a> manager Agust\u00edn Carstens also routinely calling for more stringent cryptocurrency laws.<\/p>\n

C\u0153ur\u00e9\u2019s comments are coming on the heels of similarly stark warnings from the International Monetary Fund (IMF) in the wake of El Salvador\u2019s decision. Reacting to the news<\/a>, the IMF stated that the decision could pose significant legal and financial ramifications.<\/p>\n

Related:\u00a0<\/strong>IMF plans to meet with El Salvador\u2019s president, potentially discussing move to adopt Bitcoin<\/strong><\/em> <\/p>\n

Indeed, reports indicate that Bitcoin could be a topic of discussion between the IMF and El Salvador\u2019s president on a planned $1-billion program.<\/p>\n

On Thursday, the Basel Committee on Banking Supervision published a consultation paper that placed Bitcoin in its highest risk category. As part of its recommendations, the global banking regulator called for banks keen on crypto exposure to hold $1 capital for every $1 worth of BTC held in custody. <\/p>\n