Carstens Believes That Bitcoin’s Lack of Central Backing Disqualifies It From Being Classified as a ‘Virtual Currency’

in trading •  7 years ago 

The governor of Mexico’s central bank has argued that cryptocurrency should fall under the governmental domain of cyber security, and not be viewed as a ‘virtual currency’ by the nation’s regulators. Carstens stated that cryptocurrencies “are not necessarily immune to hacking”, and argued that bitcoin’s greatest utility is “the fact that it offers users anonymity” – before warning that bitcoin comprises an attractive a monetary instrument to black market entities.

Carstens proposed that Mexican authorities seek to prudently promote the development and application of cryptocurrency technology within the nation’s financial system. Speaking at the Instituto Tecnologico Autonomo de Mexico, Carstens articulated that “this technological development in the financial system can not be the result of innovation alone. There must be a free step that does not cause problems to the financial system that in the end affect the whole society” – suggesting that Mexico’s central bank will seek to actively guide the integration of cryptocurrency technology into the Mexican economy. Carstens also stated that “financial authorities will soon present” detailed proposals for cryptocurrency legislatio

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!