The Central Bank of the Dominican Republic (BCRD) made a call for attention this past Thursday, September 30, to both public and private entities and to people who are using cryptocurrencies within the region to take into account that assets digital They are not endorsed by the government and it is not legal tender within the Caribbean country.
The constant growth of cryptocurrencies worldwide as well as their acquisition have been notable issues for financial institutions and also for people who are in the crypto ecosystem, however, there are countries that have not legalized their use and therefore the Inhabitants must refrain from their use or do so, but taking into account what the law governs and the consequences that can be had for making use of them without these legalized.
Within the statement, The bank stated that in sync with what was stated in 2017, it has been closely watching the evolution of the Bitcoin, Ethereum, Litecoin among other digital currencies but who are also aware of the risks that their use or acquisition can bring to financial institutionsTherefore, in the recent wake-up call, the bank brought up what was stated in 2017:
“This institution has been closely observing the global evolution of the use and behavior of virtual assets, such as Bitcoin, Litecoin and Ethereum, as well as the recent appearance of some of them in the Dominican market through social networks and the reports on its spread in some media. For this reason, we comply with the duty to warn financial intermediation entities (EIF), remittance and exchange agents, securities market entities, insurance market entities, economic sectors and the general public, on the risks associated with the acquisition of this type of virtual assets with the intention of using them as an investment or as a means of payment, in our country. “
in addition the BCRD, taking the present case and that in addition to the fact that in the media in the Dominican Republic it has been spreading, like cryptocurrencies, digital currencies with national symbols of the country, the banking entity said: “The virtual assets mentioned or any other, are not a legal tender and therefore do not enjoy the support of the State, their effectiveness or their use as a means of payment in our economy cannot be guaranteed, nor is anyone under the obligation. to accept them as a form of payment for goods or services rendered. With this clarification we want to avoid confusion between users of the financial system and the general public, regarding any operation that is intended to be carried out using this scheme. “
Inclusive Since 2002, the Monetary and Financial Law No. 183-02 has been in force, in which from Article 228 to 230, which names the Dominican peso as the only legal monetary unit within the territory and the Central Bank of the Dominican Republic is the only one entity that is authorized to provide legal tender coins and bills.
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