Bank of Spain criticizes El Salvador's advance in Bitcoin -
Bank of Spain criticizes El Salvador's advance in Bitcoin -
The Bank of Spain, the country's central bank, criticized the adoption process that El Salvador had chosen when he declared Bitcoin as a legal means of payment last month. In a report entitled "The role of crypto-assets as a legal means of payment: the example of El Salvador", the bank examines several weak points that the country came across when using its Bitcoin strategy, and expresses consideration that some measures have been taken with little transparency.
Bank of Spain checks Bitcoin Bet. By El Salvador
The bank of Spain gave a test report question and reflect Salvador in the Bitcoin world. The report written by Sergio Gorjón from the General Directorate for Operations, Markets and Payment Systems entitled "The role of crypto-assets as a legal means of payment: The example of El Salvador" states that El Salvador, like every first-mover, has made many errors in implementing Bitcoin as a legal means of payment.
One of the main worries of Spain has to do with the relative lack of transparency that the project has shown. The report says:
The opaque and the lack of consensus with which the project was carried out were another restrictive factor. Therefore, the most important global rating agencies have agreed to revise the creditworthiness of El Salvador downwards.
other problems found
The Bank of Spain found other problems in relation to the step El Salvadors towards Bitcoin. The institution was right of the opinion from vitalik Butterin, co -founder of Ethereum, who explained that it was risky to force Bitcoin virtually to impose an untrained, non -crypto -sized population. Spain's bank emphasized:
With just over 50 % of the population with internet access and a market share of smartphones, which reaches almost 40 %, El Salvador is at the end of the digital level of training at the bottom of the Central American countries.
The bank, however, praised El Salvador for the measures that she takes to clear up the concerns about the use of Bitcoin for terrorism financing or for money laundering purposes. The bank explained that the regulation issued by the state comprehensively takes into account and enables the control measures to be reinforced against these risks.
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