Mexico Central Bank Declares Bitcoin is Barter

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Bank of Mexico Governor Alejandro Diaz De Leon sees Bitcoin as a medium of barter than an “evolved” fiat currency, calling it a high-risk investment.

De Leon’s comments suggest that Mexico would not follow in El Salvador’s footsteps in adopting the digital currency as legal tender anytime soon.

The Governor of Banxico explained that in order for a cryptocurrency to be considered money, it must be a reliable and stable payment method. He also said that Bitcoin urgently needs to protect its value and pointed out that the value of cryptocurrencies often dramatically day-to-day.

El Salvador’s unprecedented adoption of bitcoin as legal tender earlier this week has been plagued by problems that have contributed to high levels of volatility in the digital currency worldwide.

For more information view the original story from Reuters.

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