Cryptocurrency: IMF Fucks Over Argentina With Loans, Forces Ban Of Crypto
grarpamp at gmail.com
Tue Jun 27 00:45:43 PDT 2023
The IMF is back to manipulating the public. They claim Argentina has
prohibited crypto use over concerns on financial stability, financial
crimes, and corruption. The reality is the IMF forced Argentina to
block crypto use in return for a IMF loan that Argentina badly needed
through a deal clause
I must say I'm rather pissed about this. I've been following Argentina
as well as the economy and financial situation of Argentina and Latin
America for while now. The IMF has always had significant power over
these developing nations who have had quite a number of currency
issues, namely inflation. And the manipulation by the IMF here is
disgusting in their recent statement.
They released a statement that reads "countries like Argentina and
the Dominican Republic have prohibited the use of crypto assets due to
concerns about their impact on financial stability, currency and asset
substitution, tax evasion, corruption, and money laundering." There is
a clear statement here that Argentina has organically and for
themselves decided to discourage crypto usage, but this is not the
case. In actuality, Argentina was forced to discourage crypto usage if
they wanted to receive the loan.
Letter of Intent for Loan
Argentina has been grappling with inflation (currently over 100%) and
financial and economic instability for many years now and have a very
unhealthy relationship with the IMF. The actually hold a bunch of
record with the IMF for the amount of times and money they have
borrowed from the IMF. This latest IMF deal is the 23rd of the nations
history. Instead of giving the people a real chance with something new
and usable in crypto, they go right back to the IMF which has failed
them time and time again.
And of course, in the same article they bash crypto and go on to praise CBDCs.
Argentina isn't blocking crypto at all. I should know, as I live there.
All our government did was ban fintech from offering crypto, you still
have regulated CeFi (unlike the US), although no Argentinian in their
right mind is ever gonna use a regulated exchange or any financial
service that leaves a trace, we use P2P for everything pretty much, as
we also have strong "barrani" (off-the-books) trading communities.
I know this might sound weird to Americans, but when you have 70 years
of history to prove that your government is 100% corrupt, will screw
with your savings to the point of freezing bank deposits and swapping
fixed term accounts for trash bonds you'll be forced to hold to a 30
year maturity just to get your money back, will impose unsustainable
monetary policy to the point of causing two ( now possibly three)
hyperinflationary processes, and will impose criminally high taxes (to
the sound of 110%), people simply stop reporting, using banks as safe
havens and start dumping our legal tender into USD denominated assets,
now we added cryptography to our toolset.
We're the perfect context for crypto adoption as satoshi invisioned,
the average joe can now escape their government easily with it.
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