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’s move to make the cryptocurrency legal tender “an interesting experiment.”
BIS Official Doubts Bitcoin Can Function as Means of Payment in El Salvador
Benoit Coeure, head of the Innovation Hub at the Bank for International Settlements (BIS), commented on El Salvador’s move to make bitcoin legal tender Friday. He said at the launch of a regulatory research hub at the Bank of England (BoE):
El Salvador, that is an interesting experiment indeed.
A member of the BIS executive committee, Benoit Coeure was appointed head of the bank’s 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