Crypto assets should not be granted official currency or legal tender status in order to safeguard monetary sovereignty and stability, the International Monetary Fund said.
The International Monetary Fund has laid out a nine-point action plan for how countries should treat crypto assets, with point number one a plea not to give cryptocurrencies such as bitcoin legal.
<p><span>On February 8, 2023 the Executive Board of the International Monetary Fund (IMF) discussed a board paper on </span><a href="https://prd-sitecore-cm.imf.org/en/Publications/Policy-Papers/Issues/2023/02/23/Elements-of-Effective-Policies-for-Crypto-Assets-530092?cid=pr-com-PPEA2023004">Elements of Effective Policies for Crypto Assets </a><span>that provides guidance to IMF member countries on key elements of an appropriate policy response to crypto assets. The paper’s objectives are in line with the IMF’s mandate to support economic and financial stability across its membership. The paper addresses questions raised by IMF member countries on benefits and risks of crypto assets and on how to structure appropriate policy responses. It operationalizes the principles outlined in the Bali Fintech Agenda (IMF and World Bank 2018) and includes macrofinancial considerations such as implications for moneta
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