Uruguay does not consider cryptocurrencies a threat
During the recent edition of the Blockchain Summit in the country, the president of the Central Bank of Uruguay indicated that cryptocurrency is not a currency due to its lack of validation
The president of the Central Bank of Uruguay (CBU), Mario Bergara, indicated that they can hardly consider the cryptocurrencies as coins, given their lack of institutional validation.
The statement was made by the executive during the Blockchain Summit held last Wednesday, September 12. During the event, Bergara stressed that “cryptocurrencies are not stable, they are anything but stable, they can be worth 150 dollars and the next day 1,000 and so”.
In view of the fact that cryptocurrencies like Bitcoin do not have the characteristics of national ones, they are not considered a real threat. Certainly, they operate as financial assets and should be considered risky due to their volatility that prevents knowing the reasons for the fluctuation of their price.
On the innovation in the field of the banking system, the president of the BCU indicated that they are not against blockchain technology and clarified the country’s interest in adapting to what is happening, understanding progress and knowing its role in development.
Bergara pointed out that the entity he directs must regulate technology and fight for a transparent legislation that allows protecting unsophisticated agents from systemic risks, hacking and any threat to cybersecurity.
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