Kristalina Georgieva, the Managing Director of the International Monetary Fund, noted, “If the regulation is slow to come and crypto assets become a higher risk for consumers and potential for financial stability, the option of banning it (cryptocurrencies) should not be taken off the table.”
She further reflected on a recently released paper noting, “crypto assets can not be considered legal tenders as they don’t have the definition of money.”
IMF’s executive board came out with a paper that said, in part, that cryptocurrencies shouldn’t be granted legal tender status. This decision was made “in order to safeguard monetary sovereignty and stability,” according to the fund.
IMF has routinely denied giving El Salvador funding for its crypto dreams.
“The goal of the IMF is clear, and it is to centralize crypto and control it like the U.S. dollar. Doing this will help achieve the aim of creating a framework for taxation, eliminating legal risks, supervision and monitoring of crypto market participants,” says Dmitry Ivanov, chief marketing officer (CMO) at cryptocurrency payments ecosystem CoinsPaid.
IMF also stated that the widespread adoption of crypto assets “could undermine the effectiveness of monetary policy, circumvent capital flow management measures, and exacerbate fiscal risks.”
Bottom line, the IMF is scared they'll lose their power over the people...... But they're unsure how to confront and tackle, the ungovernable.
You can read more here: https://www.reuters.com/technology/imf-lays-out-crypto-action-plan-recommends-against-legal-tender-status-2023-02-24/
Have a great day, nostricans.
Bitcoin.
Believe.