El Salvador’s Bitcoin Adoption will hurt the masses – Bank of England Gov. says

El Salvador’s bitcoin adoption has come in for criticism yet again, following news that the country added more tokens to its vault recently.

Bank of England Governor Andrew Bailey aired this opinion during the Cambridge University student union held last Thursday.

Newsbsc El Salvador's Bitcoin Adoption

“It concerns me that a country would choose it [Bitcoin] as its national currency,” suggesting that citizens will suffer as a result of the wild crypto market volatility.

Furthermore, he said El Salvador’s bitcoin adoption “raises a number of macroeconomic, financial, and legal issues.”

RELATED: IMF worried about El Salvador’s Bitcoin adoption

Newsbsc reported yesterday that the Central American country bought 100 additional bitcoin tokens, meaning the country now hodls more than 1,000  bitcoins worth over $60 million.

This news has angered some enthusiasts and crypto analysts but the main actor in all these, President Nayib Bukele, remains undeterred.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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