The reactions of the main financial players in the world did not wait, with the recent approval of the law that recognizes bitcoin (BTC) as legal tender in El Salvador.
One of those was the JP Morgan bank, which, with a brief statement expressed its concern , assuring that “it is difficult to see any tangible economic benefit associated with the adoption of bitcoin” .
For the financial institution, the new law raises doubts about the mechanical implications for the treatment of cryptocurrency in much larger economies under tax law, banking and financial regulations, and other areas.
They also believe that this type of implementation could be ‘complicated if this is the beginning of a broader trend among smaller nations. ”
Another of JP Morgan’s concerns are the Central American country’s negotiations with the International Monetary Fund (IMF).
In that sense, CriptoNoticias reported that Gerry Rice, IMF spokesman , spoke yesterday, June 10, warning that the adoption of bitcoin as legal tender raises “a series of macroeconomic, financial and legal problems.”
Rice also said that, for the body, crypto assets can “pose significant risks and effective regulatory measures are very important when it comes to them.”
For the Bank for International Settlements, bitcoin “failed the test”
Another financial entity that reacted to the so-called Bitcoin Law, promulgated in El Salvador, was the Payment Bank International (BIS).
According to Benoit Coeure, director of the BIS Innovation Center, they do not see that bitcoin «has passed the test as a means of payment», since they maintain it is an «asset and speculative and should be regulated as such. ”