IMF Believes Countries Can Monetize Energy Using Bitcoin Mining

The International Monetary Fund (IMF) recently released its Global Financial Stability Report for April 2022. Covering the financial system’s resilience amidst the Russia Ukraine war, it repeats oft-cited concerns about crypto threatening financial integrity. Among these worries is that Russia, despite worldwide sanctions, could manage to monetize its energy resources by mining Bitcoin. Crypto: A Double-Edged Sword As claimed in the report released today, cryptocurrencies could “undermine domestic policy objectives” as they gain more widespread use. For example, crypto asset…

Bukele Mocks IMF’s Request To Remove Bitcoin As Legal Tender

The International Monetary Fund (IMF) has re-stated its disapproval of El Salvador’s Bitcoin Law.  President Nayib Bukele responded with mockery over social media – as with all of his nation's critics. Even Edward Snowden called out the institution.  IMF Wags its Finger on Bitcoin The institution made its grievances public in a statement from its website on Tuesday. Though it recognized El Salvador’s economic solid recovery after the pandemic, it doesn’t think the Bitcoin law is helping:  “The adoption of…

IMF calls for a global crypto policy

Last year, we saw policymakers worldwide divided over the topic of crypto regulations. Overall, we have observed all sorts of legal treatments: from direct national bans to local adaptation as legal virtual currencies. It is not yet clear which path this debate will take in 2022. However, surprisingly, one of the leading representatives of the IMF has taken an essential step towards a crypto-friendly world. According to Gita Gopinath - chief economist at the IMF - the need for a…

IMF: Central Banks Must Coexist With Private Currencies

The rise in private currencies like Bitcoin and Ethereum has forced Central Banks to develop Central Bank Digital Currencies (CBDC). However, a recent report from the International Monetary Fund (IMF) insists that Central Banks must coexist with private currencies for the finance sector to grow.  Central Banks and Private Digital Currencies  The IMF revealed this in a blog post where it analyzed the relationship between central banks and the private sector. It highlighted that cryptocurrencies grow more flexibly than central…

Hybrid Solution Proposed by IMF Official After Weighing The Pros and Cons of CBDC

Tao Zhang, the Deputy Managing Director of the International Monetary Fund (IMF), has voiced his perspective on a central bank digital currency (CBDC). Zhang spoke about CBDC after assessing its merits and demerits during a keynote speech at the London School of Economics. Benefits and Demerits The deputy managing director's major highlight of the CBDC's benefits was its efficiency and lower costs. Several nations experience high costs of currency management with lower access to payment systems in rural and poor…

IMF Assistance to The Philippines Pushes towards A Visible Crypto Market

The Philippines' region accepts assistance from the International Monetary Fund (IMF) based on the digital currencies' cryptocurrency technicalities. It followed the IMF's beliefs in the possibility that the region will exhibit a large market for cryptocurrencies. The organization has assisted the BSP, the central bank of the region, in recommendations that reflect on the regulation of cryptocurrencies; this is explained from data collected based on cryptocurrency exchanges approved quarterly.  IMF Report The thirty-four pages report presented by the International Monetary Fund on…