IMF says no crypto as legal tender; community disagrees
CointelegraphFeb 24, 2023
The International Monetary Fund (IMF) rolled out a nine-point action plan Thursday concerning how countries should deal with crypto assets, stressing that cryptocurrencies such as Bitcoin shouldn't be given legal tender status.
The global bank said that its executive board discussed a paper, titled Elements Of Effective Policies For Crypto Assets, which it said provided "guidance to IMF member countries on key elements of an appropriate policy response to crypto assets."
As is the case with many other technological advancements, this move is simply an attempt by an established global institution to hold onto the little power it still has. As cryptocurrency becomes legitimized by more and more people, the average worker and saver are becoming less reliant on the current system of debt slavery — that's the real reason the IMF recommends against providing legal tender status.
As the crypto market continues to prove itself dangerously volatile, governments should be focused not on banning but regulating these digital transactions so that they don't overtake traditional, more stable currencies, which is exactly what the IMF's latest plan seeks to do. As some national economies have already been negatively impacted by the likes of Bitcoin and others, it's time for authorities to promote trust in their own fiat currencies so that citizens don't get hurt by the unregulated global crypto market.
There's a 50% chance that at least five countries will recognize Bitcoin as legal tender by Jan 1, 2030, according to the Metaculus prediction community.