The International Monetary Fund (IMF) has created a nine-point action plan on how countries should approach cryptocurrencies.
The spread of cryptocurrencies has also attracted the attention of countries. Many countries have stepped up their efforts to pursue new technologies and digital assets that have become widespread. One of them, Hong Kong, is working hard to become a crypto hub.
On the other hand, efforts are being made to ensure regulatory clarity on the crypto industry quickly. In this context, the IMF has created a nine-item action plan that examines the way countries approach crypto assets.
IMF Creates Action Plan for Crypto Assets
The International Monetary Fund (IMF) focused on the spread of cryptocurrencies and prepared a nine-point action plan that covers how countries should behave.
The global economics body aims to provide guidance to countries dwelling on cryptoassets and achieve clarity on the key elements of an appropriate policy response. In this study covering its member countries, the IMF discusses an article called “Elements of Effective Policies for Crypto Assets”.
In this action plan prepared by the IMF, in the first part, there is a defense not to “give legal status” to cryptocurrencies such as Bitcoin.
The organization stated that after the collapse of a number of cryptocurrency exchanges and crypto assets over the past few years, such efforts have become a priority for authorities. According to the organization, this situation stands out as a necessary situation in order not to be vulnerable.
The top recommendation from the IMF was to “maintain monetary sovereignty and stability by strengthening monetary policy frameworks and not give crypto assets official currency or legal tender status.”
In short, the IMF does not want crypto assets to replace traditional currencies.
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