IMF Cryptocurrency Explained! › CoinTurk

The biggest cryptocurrency has dropped back to $36,500. The IMF made a new statement targeting cryptocurrencies. Why are the IMF and World Bank against Bitcoin?

The IMF, which has been constantly making statements about cryptocurrencies, has been on the agenda again. Bitcoin eased below $37,000. Of course, the last drop is not only related to the IMF’s statement, yesterday’s statements by the FED are considered the main reason for the price movement. So, what did the IMF mention about cryptocurrencies in its statements today?

IMF Cryptocurrency Explained

International Monetary Fund, Central African Republic BitcoinHe said that adopting . The government announced last week that the country would become the second country to adopt cryptocurrency after El Salvador. The decision drew criticism from opposition parties and was taken without consulting the regional central bank, which administers a common currency used by six countries, including the Central African Republic.

The government believes that adopting Bitcoin as a legal tender will spur CAR’s economic recovery and growth, while also stabilizing the country devastated by a decade-long civil war. The $2.3 billion economy, which the African Development Bank predicts will grow by 5.1% this year, ranks 188th out of 189 countries in the United Nations Development Program’s Human Development Index. The country has low life expectancy and extreme poverty, with only 557,000 of its 4.8 million people having access to the Internet.

Why Is The IMF Against Cryptocurrencies?

The World Bank and IMF often crypto coins comes to the fore with targeted statements. They even recently made the claim that “cryptocurrencies were inflated by a group of rich people to take money from people in poor countries”. The Central African Republic, on the other hand, was tried to be discouraged by pointing out major legal, transparency and economic policy challenges.

IMF staff assist regional and Central African Republic authorities in addressing the concerns raised by the new law. The survival of the global financial system depends on the hot money in the banks. Crypto paraThe global spread of these transactions means that a significant amount of cash is taken out of the system. Accordingly, traditional finance giants will either integrate cryptocurrencies or watch the biggest collapse in their history. Of course, this will be possible in a world where cryptocurrencies are actively used by billions of people in the long run. According to some, this expectation, which is a dream, is supported by the IMF and world Bank continues to be a nightmare for institutions such as

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