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Adopting cryptocurrency as money not advisable, IMF warns nations

Adopting cryptocurrency as money not advisable, IMF warns nations

International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, has warned countries to desist from adopting cryptocurrency as their legal tender, against central bank-issued money.

Georgieva’s caution comes on the heels of emerging markets like Central Africa Republic joining El Salvador to officially declare bitcoin as a legal currency, in relations to their country’s fiat.

Ripples Nigeria had reported both Central Africa Republic and El Salvador had adopted the cryptoasset to support their domestic currency and sustain their economy by luring bitcoin holders to their country for business transactions and tourism.

In a statement on Friday, summarising the speech of Georgieva during IMF Spring Meetings in April, the global financial body said it was not advisable to embrace crypto as money in the economy.

IMF highlighted how the crypto currencies were initially seen as anti-establishment movement that threatened the power of central banks and their monopoly control of the money supply.

READ ALSO: Binance recovers $5.8m from North Korean cryptocurrency hackers, Lazarus Group

However, it stated that nations are changing their perception about the digital currency, but Georgieva cited the Central Bank Digital Currency (CBDC) as the best innovation for a country’s financial system.

“The future of money was a central topic at the IMF’s Spring Meetings… the IMF’s Managing Director Kristalina Georgieva said that the use of volatile crypto assets as…

Read Full Story At: Ripples Nigeria.

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