Mexico Central Bank Chief Opposes Bitcoin as a Legal Tender

Mexico Central Bank Chief Opposes Bitcoin as a Legal Tender

Chief Governor of Mexico bank Alejandro Diaz de Leon’s said this on Thursday morning, saying it was a risky investment and a bad choice for the stock value.  Thus, according to the Governor’s comments, Mexico will not be following El Salvador anytime in the future, adopting the digital currency as a parallel legal tender.

Whoever buys Bitcoin in return for things accepts that it resembles trading. According to Diaz Deleon, it is known as trading things for things.

 The Governor said:

“People will not want their purchasing power, their salary to go up or down 10% from one day to another. You don’t want that volatility for purchasing power. In that sense, it is not a good safeguard of value.”

Bitcoin Highly Volatile

Banxico’s superior argued the demand for a digital currency should be a dependable payment method to be viewed as cash.  Moreover, he added that Bitcoin would likewise have to protect its worth. 

Also, Diaz de Leon brought up that the worth of cryptocurrency often remarkably swings daily. The phenomenal reception of Bitcoin as fiat money by El Salvador before this week has tormented the issues that added to the loss of the worth of worldwide advanced monetary forms.

Bitcoin has historically been volatile. In April, it increased to more than 64,000 dollars and decreased in May to nearly 30,000 dollars. Last traded at $45,252.60, with a 24-hour trading volume of $37,994,996,154 USD, according to CoinMarketCap.