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The governor of the Bank of England, Andrew Bailey, has expressed reservations over El Salvador's decision to recognize Bitcoin as legal cash. The bank's CEO voiced alarm about the cryptocurrency market's volatility and questioned if Salvadorans are even aware of the dangers their government is taking. Bailey was speaking at the Cambridge University student union about his thoughts on the cryptocurrency market, which has become a source of concern for numerous governments across the world owing to its uncontrolled and decentralized character.