Alejandro Fernández W. highlights the stance of the Dominican Republic’s Monetary Board on cryptoassets and stresses the need for greater protection for users in the digital environment.
El Financiero. August 21, 2024
Santo Domingo.- Superintendent of Banks, Alejandro Fernández W., reaffirmed the official stance of the Dominican Republic’s Monetary Board on cryptocurrencies, alerting the population to the risks inherent in these digital assets. In a recent interview on the program “Se Vale Preguntar” (It’s Worth Asking) with Amelia Deschamps, Fernandez stressed that cryptocurrencies, although popular globally, do not meet the requirements to be recognized as legal tender in the country. In addition, he warned about the extreme volatility and the dangers they represent for investors, as well as their potential use in illicit activities due to the lack of regulation.
Fernandez W. acknowledged the innovative potential of blockchain technology, but insisted that the priority of financial authorities should be the protection of users and education about the risks associated with cryptoassets. “The official position regarding cryptoassets is basically one of prudence, of a call to alert the population about the risks that these cryptoassets may have,” the Superintendent stated.
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Beyond the financial risks of cryptocurrencies, Fernandez W. introduced the concept of “digital hygiene,” a set of basic online security practices that all users should follow to protect themselves from cybercrime. He stressed the importance of not sharing sensitive codes or access on public networks and being wary of suspicious messages, especially those containing links sent through platforms such as WhatsApp.
