Argentina's central bank governor: The central bank is "paying attention" to cryptocurrencies to ensure they are not used to circumvent foreign exchange controls and to educate investors

Pesce believes that "the name cryptocurrency is not appropriate" because the blockchain-based accounting unit is the opposite of what money should be, adding that crypto "refers to something hidden, opaque". "We believe that we must do educational work, explain to people what these instruments are going to do, to avoid creating a situation where, due to misinformation, someone makes an investment that he has no control over", Pesce said. He believes that cryptocurrencies were created as a payment mechanism and not as an investment tool, and scarcity turns these instruments into financial instruments and increases their price. He commented that this situation gives cryptocurrencies "very high volatility", a characteristic that money should not have. In addition, Pesce said that the Argentine central bank is monitoring cryptocurrencies to ensure that they are not used to avoid exchange controls.