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“Bitcoin is not money, it’s barter,” says Central Bank of Mexico

According to Alejandro Diaz, president of Mexico’s central bank, Bitcoin is not real money but is more like a means of barter.

"Bitcoin is not money, it's barter," says Central Bank of Mexico

“Bitcoin is not money, it’s barter,” says Central Bank of Mexico

“Whoever receives Bitcoin in exchange for a good or service, we believe that transaction is more akin to bartering because that person is exchanging a good for a good, but nor really money for a good,” Diaz said.

“Bitcoin has more characteristics of a precious metal than a legal tender,” he added.

Diaz said Bitcoin is also not a reliable store of value, reinforcing one of the most popular narratives shared by cryptocurrency flagship advocates of the cryptoactive market.

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“People are not going to want their purchasing power or their salary to go up or down by 10% overnight. You don’t want this volatility for purchasing power. In this sense, it is not a good store of value”, said the governor.

It’s true that bitcoin is very volatile, as Reuters notes, in April it rose to over $64,000 and fell almost as low as $30,000 in May.

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