BIS executive stated that the adoption of Bitcoin in El Salvador is an “interesting experiment”

Benoît Coeuré, Bitcoin (Bitcoin) Critics and the head of the Innovation Center of the Bank for International Settlements described El Salvador’s historic move to make BTC a legal tender in the country as an “interesting experiment”.

according to ReutersLast Friday, Cœuré made this assertion when BIS launched its fourth innovation center in England, saying:

“We have made it clear at BIS that we believe that Bitcoin has not passed the test as a means of payment. Bitcoin is a speculative asset and should be regulated.”

As previously reported by Cointelegraph, the Salvadoran Parliament Passed a bill to make Bitcoin a legal tender domestic. The legislative vote on President Nayib Bukele’s “Bitcoin Law” was passed by an overwhelming majority of 62 out of 84 votes.

As early as November 2018, Cœuré called Bitcoin “Descendants of evil [2008] financial crisis. Cœuré’s comments on the necessity of strict encryption regulations are a common theme within BIS, and general manager Agustín Carstens also frequently calls Stricter cryptocurrency laws.

After El Salvador’s decision, the International Monetary Fund (IMF) also issued a similar severe warning, and Cœuré’s comments were made after that.In response to the news, the International Monetary Fund stated that the decision may cause Significant legal and financial consequences.

related: The International Monetary Fund plans to meet with the President of El Salvador and may discuss initiatives to adopt Bitcoin

In fact, there are reports that Bitcoin may become the topic of discussion between the IMF and the President of El Salvador on the planned $1 billion plan.

On Thursday, the Basel Committee on Banking Supervision issued a consultation document to include Bitcoin in its supervision. Highest risk categoryAs part of their recommendations, global banking regulators are calling on banks keen on cryptocurrency exposure to hold 1 USD of capital for every 1 USD worth of BTC held.