Bank of Spain Criticizes El Salvador’s Foray Into Bitcoin


The Bank of Spain issued a report scrutinizing and reflecting upon the entrance of El Salvador into the Bitcoin world. The report, titled “The role of crypto assets as legal tender: the example of El Salvador,” written by Sergio Gorjón, of the General Directorate of Operations, Markets and Payment Systems, states that as every first-mover, El Salvador committed many mistakes in the implementation of Bitcoin as legal tender.

One of the principal worries of the Bank of Spain has to do with the relative lack of transparency the project has exhibited. The report states