The executive board of the International Monetary Fund (IMF) has reviewed a crypto asset policy document published by the fund and expressed agreement with the proposed policy framework. The document, titled "Elements of Effective Policies for Crypto Assets," developed a framework of nine policy principles that addressed macro-financial, legal and regulatory issues, and international coordination.
The proposed principles were mostly quite broad, emphasizing analysis, monitoring and surveillance. The document explicitly says that the proposals must be assumed by โthe Directorsโ. The first principle contained a specific mandate, which read:
"Safeguarding sovereignty and monetary stability by strengthening monetary policy frameworks and not granting crypto assets official currency or legal tender status."
The executive board expressed agreement with the document's proposals and specifically endorsed its position on cryptocurrencies as legal tender, saying members were "generally in agreement" with it. the board too repeated the principle of โsame business, same risk, same regulationโ and โemphasized that the Fund could serve as a thought leader in further analytical workโ on crypto assets.
IMF Discusses Policies For Crypto Assets, Calls For "Sound Macroeconomic Policies"
'[...] Widespread adoption of crypto assets could undermine the effectiveness of monetary policy.
'[...] significant implications for the international monetary system'
They are scared.. pic.twitter.com/tSraLxg1lM
โ CR1337 (@cryptonator1337) February 23, 2023
The document was dated January 2023 and the executive board met to discuss it on February 8, but the document and the meeting were released to the public on February 23.
Related: IMF Calls for Tighter Crypto Regulation in Africa as Industry Develops
The IMF has made its opposition to the use of cryptocurrencies as legal tender known, especially since El Salvador adopted Bitcoin (BTC) as its official currency in September 2021. His latest statement on El Salvador was released on February 10 and was Criticized by the crypto community. The fund has also urged adoption of increased crypto regulation.
The IMF views central bank digital currency more favorably than cryptocurrency. He announced in September that he was working on an interop CBDC platform.
Post navigation
