Mexico Central Bank Declares Bitcoin is Barter

Share post:

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.

Featured Tech Jobs


Related articles

Lawsuit requires Pegasus spyware to provide code used to spy on WhatsApp users

NSO Group, the developer behind the sophisticated Pegasus spyware, has been ordered by a US court to provide...

OpenAI claims New York Times manipulated ChatGPT “fabricate data”

OpenAI has challenged the New York Times' copyright lawsuit, asserting the newspaper manipulated ChatGPT to fabricate evidence. The...

Wendy’s leverages digital tech to test “surge pricing”

Wendy's is set to experiment with Uber-like surge pricing, a concept referred to as "dynamic pricing," starting in...

Meta is gathering data on Quest virtual reality users

Meta's latest policy update reveals plans to start collecting "anonymized" data from its Quest headset users, intensifying concerns...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways