 | This doesn't come as a big surprise to anybody but it's still interesting to view their biggest fears and concerns. International Monetary fund paper can be found here. I've highlighted some of the points that stood out to me and posted them below. first element is to safeguard monetary sovereignty and stability by strengthening monetary policy and not granting crypto assets official currency or legal tender status. one of the risk they point out is that households will invest in crypto assets that are not pegged to fiat currency. why would we want something pegged to highly inflationary fiat currency? they argue that pricing items in crypto would waist the merchants time because they would have to constantly monitor the market and adjust pricing due to the instability of crypto prices. and the biggest reason to not grant cryptocurrencies legal tender status - because they are not issued by the government. they make a point that a government issued cryptocurrency or digital asset would be different because the government would be the one backing it. another big point for them to have to work together is that crypto is borderless and if one government is against crypto alone it can't really stop anything since people can still use somewhere else. Widespread adoption would also have significant implications for the international monetary system in the long term - this is the entire point of crypto. It's not surprise that the IMF would try to advise against granting cryptocurrencies any kind of legal tender status, they fear losing the control over citizens finances they currently have. [link] [comments] |
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