President of the Central Bank of Argentina: "We will not allow cryptoassets to be used to circumvent our rules" – Bits Media

Argentinean Central Bank President Miguel Angel Pese said, what is wary of cryptocurrencies due to their high volatility.

In his recent speech, Pese stated, that he is confused by the expression "currency", used in a word “Cryptocurrency”. He called it inappropriate, since the calculated units based on the blockchain are the complete opposite of this, What should be a real currency. Peser thinks, that cryptocurrencies belong "to something hidden and incomprehensible", They are not used as a legal payment fund, They have high volatility, exposed to operational failures and cyber attacks, and also do not imply any guarantees for users.

“Due to misinformation, people invest in cryptocurrencies, but at the same time they do not control their investments. We must explain this to the population, to avoid such situations ", - said Pov.

He said, that originally digital assets were created as a payment mechanism, and not as an investment tool, But given, that the value of crypto assets depends on their deficiency, They began to be considered financial instruments. This contributes to the excessively high volatility of crypto assets - the same characteristics, which the currency should not have. According to Pesa, It is stability that is the fundamental basis of any currency.

The cost of Argentine peso fell with $0.017 to $0.010. IN 2019 The year of the Central Bank of Argentina introduced a restriction for citizens of the country for the purchase of US dollars - they are allowed to buy no more $200 per month. With this scenario of the development of events, purchases of stablecoins on cryptocurrency exchanges during 2020 years have increased six times.

Besides, in 2019 The Argentine Central Bank forced suppliers of services to convert income from US dollars to Argentine peso through a special exchange channel. therefore, To avoid switching to Argentine peso, Many service providers prefer to receive payment in cryptocurrencies. Porte said, that even such payments should be considered dollarized, and the received cryptocurrencies must be converted into Argentine peso.

“You can receive payments in anything - in goods, coins or cryptocurrencies, But the rules of the Central Bank must be observed. Therefore, we will carefully monitor that, so that crypto acts are not used to go around them ", - said the President of the Central Bank Argentina.

Despite the categorical refusal of Argentina Bank to soften the attitude to cryptocurrencies, Argentina President Alberto Fernandes (Alberto Fernandez) expressed his readiness to recognize Bitcoin as a legal means of payment.