Cryptocurrency: CBDC Digital Fiat WARNING BELLS GOING OFF

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Beware, IMF plots to twist its faux capitulation into CBDC
articulation scheme...

Banning crypto ‘may not be effective in the long run’ — IMF

The International Monetary Fund (IMF) has reiterated its calls for crypto
regulation across certain countries but said an outright ban may not be
the best approach.

In a June 22 report on Latin America and the Caribbean, the IMF pointed to
various approaches taken by local governments in addressing the adoption
of cryptocurrencies and central bank digital currencies, or CBDCs. Bitcoin
(BTC) has been accepted as legal tender in El Salvador since September
2021, while the Bahamas was the first country to launch its own CBDC, the
Sand Dollar, in October 2020.

The IMF said Brazil, Argentina, Colombia and Ecuador — whose
governments’ regulation of crypto was “in progress” — ranked among
the highest countries in the world for the adoption of digital assets in
an effort to help the unbanked, send faster and cheaper payments, and
more. In addition, according to the fund, most central banks in the region
“have or are considering adopting digital currencies.”

Related: IMF envisions ‘new class’ of cross-border payment platform
with single ledger

“If well designed, CBDCs can strengthen the usability, resilience, and
efficiency of payment systems and increase financial inclusion in [Latin
America and the Caribbean],” said the IMF. “While a few countries have
completely banned crypto assets given their risks, this approach may not
be effective in the long run. The region should instead focus on
addressing the drivers of crypto demand, including citizens’ unmet
digital payment needs, and on improving transparency, by recording crypto
asset transactions in national statistics.”

The IMF has often made public statements in opposition to countries
adopting cryptocurrencies as legal tender. On June 19, its director of the
monetary and capital markets department, Tobias Adrian, proposed a payment
system that used one ledger to record CBDC transactions — an idea that
received harsh criticism from many in the crypto space.