Crypto warning from IMF: We do not recommend

Şükriye Akdeniz

Aug 31, 2021

International Monetary Fund criticizes any of its member countries adopting Bitcoin as legal currency

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The crypto market, which has become increasingly popular, has been on the tongue of almost everyone in recent years. Cryptocurrencies that make a global impact are also in the portfolio of most people. Apart from individuals, countries, institutions, and banks also took various stances to express their stances towards the crypto market. Crypto assets have been banned in some countries, and some organizations have started to accept Bitcoin as a payment method. One of these organizations, the International Monetary Fund (IMF), has criticized the adoption of Bitcoin as a legal currency by any of the member countries.
“We do not recommend,” the IMF said.
The global organization, which includes more than 190 member countries, said in a recent statement that it considers equating crypto assets like Bitcoin to the national currency as an "unrecommended shortcut".
In the article, the IMF emphasized that while acknowledging the advantages of the technologies contained in digital currencies, there are more risks than benefits to adopting digital assets as legal currency.
“Some countries may be tempted by a shortcut like adopting crypto assets as their national currency. Many of them are truly secure, easy to access, and inexpensive to transact. But in most cases, we believe the risks and costs outweigh the potential benefits.”
Alongside this, the IMF highlighted the possible effects of a country's adoption of cryptocurrency on macroeconomic instability, reductions in government revenues, uncertain exchange rates in the international market, legal problems, and a weak monetary policy.

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