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Golden Financial reports that Argentina's Central Bank President Miguel Pesce has said Argentina's Central Bank has "watched" the development of cryptocurrencies. “Cryptocurrency is an inappropriate name,” Pece added, “because the blockchain-based unit of account and currency need to be reversed.” “I think we need to take some training and explain how these tools work,” Pece said. He believed that cryptocurrencies were designed to be a payment device rather than an investment device, and that the insufficiency had turned these devices into financial instruments and raised their prices. He said the situation made cryptocurrencies "very royal" which should not be allowed. Pesce also said that Argentina's central bank monitors cryptocurrencies that are not used to oppose exchange rate regulation.