"IMF lays out crypto action plan; recommends against legal tender status"

" IMF lays out crypto action plan; recommends against legal tender status \r\n The International Monetary Fund (IMF) has laid out a nine-point action plan for how countries should treat crypto assets, with point number one a plea not to give cryptocurrencies such as bitcoin legal tender status. \r\n The global lender of last resort said its executive board had discussed a paper, \u201cElements of Effective Policies for\u00a0Crypto Assets,\u201d that provided \u201cguidance to IMF member countries on key elements of an appropriate policy response to crypto assets.\u201d \r\n Such efforts have become a priority for authorities, the fund said, after the collapse of a number of crypto exchanges and assets over the last couple of years, adding that doing nothing was now \u201cuntenable\u201d. \r\n The top recommendation was to \u201csafeguard monetary sovereignty and stability by strengthening monetary policy frameworks and do not grant crypto assets official currency or legal tender status.\u201d \r\n The IMF had hit out at El Salvador in late 2021 when the central American country became the first to\u00a0adopt\u00a0bitcoin as legal tender, a move that has since been\u00a0copied\u00a0by Central African Republic. \r\n Other advice on Thursday\u2019s list, which comes as\u00a0 G20 \u00a0decision makers meet in India, included guarding against excessive capital flows, adopting unambiguous tax rules and laws around crypto assets, and developing and enforcing oversight requirements for all crypto market actors. \r\n Countries should also establish international arrangements to enhance supervision and enforce regulations, the IMF added, as well as set up ways to monitor crypto\u2019s impact on the stability of the global monetary system. \r\n Outlining its executive board\u2019s assessment, the IMF said directors welcomed the proposals and agreed the widespread adoption of crypto assets \u201ccould undermine the effectiveness of monetary policy, circumvent capital flow management measures, and exacerbate fiscal risks.\u201d \r\n They \u201cgenerally agreed,\u201d too, that crypto assets should not be granted official currency or legal tender status, and though strict bans of assets are \u201cnot the first-best option,\u201d a few directors thought they should not be ruled out. "

"IMF lays out crypto action plan; recommends against legal tender status"

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