“Volatility in Bitcoin does exist, there is quite a high volatility”: president of the BCR

The president of the Central Reserve Bank, Douglas Rodríguez, acknowledged this Tuesday in the television interview of channel 10 that the cryptocurrency bitcoin is very volatile, so its value does not remain in time.

“Volatility in Bitcoin if it exists, there is quite high volatility, but that also happens even in the dollar until the best currencies there is also volatility, there is that effect that it may go down or it may go up, it is not necessarily going to stagnate,” he said. Rodriguez.

According to Rodríguez, the intention of the President of the Republic, Nayib Bukele, is to regulate the use of this cryptocurrency in the country, but he assured that it will not be mandatory for Salvadorans since they will be able to decide whether to use the dollar or cryptocurrency to make their transactions.

“It does not mean that we are going to stop using the dollar to use cryptocurrencies, no, the two can converge without any discrepancy between the two, obviously there is a close relationship because they are converted to dollars (cryptocurrencies) and the most beneficial thing about this is that it is going to be voluntary is not going to be obligatory, any person if he wishes will be able to pay in Bitcoins or in dollars “, asserted Rodríguez.

Experts have warned that the hasty approval of bitcoin as legal tender could open a crack for corruption and money laundering, two issues that Bukele himself promoted in his electoral campaign, as priorities of his Government.

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The Salvadoran President, Nayib Bukele, intervened over the weekend at the Bitcoin 2021 forum, the largest meeting in the history of virtual currencies that was held in the United States, and announced the initiative to give it legal tender in El Salvador.

The president has enough votes in Congress to approve the measure, which has generated conflicting opinions in the Central American country.

One of the uses that arise for this cryptoactive, according to the president, is the transfer of money remittances sent by Salvadorans in the United States to avoid the payment of commissions.

However, it has not been clarified how Salvadoran users would not pay the commissions that the same bitcoin network establishes and no further details of the initiative have been given.

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