International

Argentinian Central Bank Warns Consumers of The Risks Of Digital Currency

bitcoin

Bitcoin’s promising South American development has hit a bump in the road with Argentinian Central Bank having gone and issued a warning on the perils of getting involved with digital currencies. Though bitcoin is not the only digital currency, it is the largest one.

The main thrust of the warning is becoming the boilerplate warning by central banks around the globe: because bitcoin is not backed by any central authority it is not legal tender. Apart from that, like most bicoin warnings, it references the currency’s potential for being the official payment method of criminals everywhere.

“Internationally, however there is still no consensus on the nature of these assets, various authorities have warned of [their] possible use in money laundering operations and various types of fraud,” notes the statement.

The warning also notes that the day-to-day price is rather unstable, ironic given Argentina’s home currency’s instability over the last year.

Despite the warnings, merchants are still finding themselves tremendously interested in the promise that bitcoin holds, reports Coinbase. Of particular interest are the lack of fees and middlemen involved in Bitcoin commerce.

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