The IMF is thinking of regulating cryptocurrencies


    Currently, cryptic currency has increased by 44% to $996.92, adding 374% since the first day of its appearance on the market.

    The world now has more than 900 cryptocurrencies, ranging from the most well-known Bitcoin to perhaps less known variants such as IOTAs and even the Golds. If the value of all these cryptocurrencies is added together, it is now about $150 billion.

    A considerable amount, but relatively speaking, can still be considered as a change. But minor or not: of course, developments in the world of cryptocurrency are closely followed by governments, central banks and institutions such as the IMF. The latter came with a report earlier this year, in which the influential institute takes a clear view.

    The IMF advocates the introduction of central bank cryptocurrency report, with a maximum of additional support for all existing crypto coins developed from the private sector. And then you would like a supervisory role under supervision.

    Either way: DLT: Distributed Ledger Technology is particularly interesting, but the issuance of cryptocurrency should only come from central banks: CBDCs (Central Bank Digital Currency). The IMF is therefore in a position to play a supporting role.

    It would not be a surprise as soon as or later it would be pleaded for intervention, supervision, tampering etc. of cryptocurrencies. After all, money is power: the issue of money, supervision and control lies (mainly) with central banks and governments. And they are currently out of play for current technological developments.

    The IMF would like to see “central banks withdraw control before private-issued cryptocurrency gets too much traction.” Or, it’s been a bit of a pleasure, the time for monetary policy to be (completely) left to the authorities.

    The report published earlier this year has clearly not impressed with the unstoppable rise of the cryptocurrency afterwards. It may be possible that the market will not be able to run or perhaps underestimate the influence of the IMF.

    However, bitcoin lovers, etc., makes sense to take the content of the report well and take serious note that it will not remain on a paper. Will undoubtedly be implemented.

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    I am an independent trader currency and commodity with about eight years of experience. I love the financial world because it is like one big puzzle and I hope we help each other out to solve the puzzle to help us realize our dreams. I received my BBA in Accounting (With Honors) - from The University of Texas - San Antonio. Achievements: Beta Alpha Psi National Accounting Honors Fraternity member, Leadership Challenge Participant, Dean's List. I have passed the Series 63, 22, Texas Real Estate exam, and the DRI Business Continuity exam.