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Superintendent of Banks warns about the risks of the use of cryptocurrencies in the Dominican Republic
El Día, August 20, 2024
Santo Domingo. – Superintendent of Banks, Alejandro Fernández W., emphasized the official position of the Monetary Board of the Dominican Republic regarding cryptocurrencies in the country, pointing out the risks and challenges posed by the use of a technology that is still evolving and that does not have a specific regulatory framework in the country.
“The official position regarding crypto assets is basically one of prudence, of a call to alert the population about the risks that these crypto assets may have,” he stated.
In an interview on the program “Se Vale Preguntar” (It’s Worth Asking) with Amelia Deschamps, Fernández was emphatic in highlighting that, although cryptocurrencies have gained popularity globally, they do not meet the requirements to be considered legal tender in the Dominican Republic. Similarly, he highlighted the extreme volatility, and the dangers posed to investors by the speculative nature of these unregulated assets.
He also emphasized that this lack of regulation and this “absolute freedom”, as well as benefiting common users, also facilitates their use for illicit activities and cyber blackmail.