“We are concerned about the advance of cryptocurrencies”, says President of the Central Bank of Argentina
Miguel Ángel Pesce, president of the Central Bank of Argentina (BCRA), once again expressed concern about the advance of cryptocurrencies during an event held by the Argentine Chamber of Fintech on Tuesday (31).
Pesce, who recently made it clear that he wants to avoid connecting crypto-actives with the foreign exchange market, this time underscored the high fluctuation of virtual currencies and the lack of information to Argentine citizens.
“These currencies were created as a payment mechanism, not an investment instrument. But due to their scarcity, it has motivated the financialization of these instruments and that their prices rise and give them a very high degree of volatility and this is precisely one of the characteristics that a currency does not need to have”, said the president.
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Pesce also criticized the nomenclature used in the sector:
“I think the name of the cryptocurrency is not appropriate and they should change it because it refers to something hidden, opaque. We are concerned about the development of cryptocurrencies”.
Regarding the lack of information, the president said that government institutions should create educational actions about the new market to fight misinformation. He understands that educating the population about what these new instruments are about will warn investors not to invest money in what they have no control over.