Mexico Central Bank Chief Opposes Bitcoin as a Legal Tender

The Mexican Central Bank’s president, Agustin Carstens, has been quoted as saying that Bitcoin is not a legal tender in Mexico. This statement comes after the bank issued a warning to citizens about investing in cryptocurrencies and ICOs.

The mexico cryptocurrency regulation is a news article that talks about the Mexico Central Bank Chief, Agustin Carstens, opposing bitcoin as a legal tender.

News about Bitcoin

On Thursday morning, Mexico’s Chief Governor, Alejandro Diaz de Leon, said that it was a hazardous investment and a poor option for the stock value. As a result, according to the Governor’s remarks, Mexico will not follow El Salvador in accepting the digital currency as a parallel legal tender in the near future.

Anyone who buys Bitcoin in exchange for goods understands that it is similar to trading. It’s referred to as “exchanging things for things” by Diaz Deleon.

 According to the Governor,

“People do not want their buying power or income to fluctuate by 10% from one day to the next. You don’t want your buying power to be so volatile. In that respect, it isn’t a good value safeguard.”

Bitcoin Is Extremely Volatile

The superior of Banxico stated that the need for a digital currency should be regarded as a reliable payment mechanism comparable to cash. Furthermore, he said that Bitcoin would have to safeguard its value. 

Diaz de Leon also said that the value of bitcoin fluctuates a lot on a daily basis. Before last week, El Salvador’s enthusiastic acceptance of Bitcoin as fiat money exacerbated the problems that contributed to the decline in the value of sophisticated monetary forms throughout the globe.

Bitcoin has always been a volatile currency. It rose to more than 64,000 dollars in April before dropping to almost 30,000 dollars in May. According to CoinMarketCap, the coin last traded at $45,252.60, with a 24-hour trading volume of $37,994,996,154 USD.

The Mexico Central Bank Chief Opposes Bitcoin as a Legal Tender is an article about the Mexican Central Bank’s opposition to Bitcoin. Reference: brady crypto.

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