The IMF went beyond recognizing that cryptocurrency is a significant factor in the financial picture of the world.
The International Monetary Fund published on the official website a study that demonstrates a serious reversal of the organization’s analysts towards cryptocurrency. Recall that in June last year, the chief strategist of the organization, Martin Mülesen, wrote an article in which he unequivocally put cryptocurrencies on a par with other technologies that had a significant impact on all of humanity, including the invention of the steam engine and the Internet.
After that, the IMF heard mainly warnings that investing in digital assets is too risky and it’s better not to do it. Moreover, the IMF criticized the government of the Marshall Islands when a local regulator, acting as the central bank of this state, decided to develop and launch its own cryptocurrency (CBDC) called SOV.
In addition, the policy of Malta was subjected to information attacks by the IMF, whose prime minister, Joseph Muscat, is focused on creating favorable conditions for the development of cryptocurrency business.
Now, the IMF not only recognizes the importance of cryptocurrency, but confirms the thesis that was put forward by Jamie Dimon, the head of the largest US bank active in terms of balance sheet operations, JP Morgan: cryptocurrency is already competing to banks, and credit institutions are taking steps to keep up with this market competition for financial services customers.
The IMF also notes that in order to strengthen their position in the global financial world, central banks will begin to actively act as issuers of cryptocurrencies (CBDC). In particular, the fund expects such steps by regulators of Uganda, China, Ukraine, Sweden, the Bahamas, as well as members of the Organization of Eastern Caribbean States. The IMF views these aspirations as logical and no longer speaks out against them.
Publication date 03/07/2019
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