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BOE Chief Is Worried by El Salvador’s Move to Adopt Bitcoin

  • Andrew Bailey says Bitcoin is too volatile for consumers
  • BOE is studying whether to create its own digital currency
Photographer: Moe Zoyari/Bloomberg

Bank of England Governor Andrew Bailey said El Salvador’s decision to adopt Bitcoin as its currency was concerning because consumers probably will be caught out by its volatility.

“It concerns me that a country would choose it as its national currency,” Bailey said in response to a question at an appearance at the Cambridge University student union on Thursday. “What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have.”