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IMF 9 Point Action Plan for Crypto Asset Treatment: Recommends Against Legal Tender Status

Reuters | Marc Jones | Feb 23, 2023

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The International Monetary Fund 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.

  • The global lender of last resort said its Executive Board had discussed a paper, "Elements of Effective Policies for Crypto Assets," that provided "guidance to IMF member countries on key elements of an appropriate policy response to crypto assets."
  • The top recommendation was to "safeguard monetary sovereignty and stability by strengthening monetary policy frameworks and do not grant crypto assets official currency or legal tender status."

See:  IMF Magazine: Money Revolution in the Age of Crypto and CBDCs

  • The IMF had hit out at El Salvador in late 2021 when the central American country became the first to adopt bitcoin as legal tender, a move that has since been copied by Central African Republic.
  • Other advice on Thursday's list, which comes as G20 decision 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.

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NCFA Jan 2018 resize - IMF 9 Point Action Plan for Crypto Asset Treatment: Recommends Against Legal Tender StatusThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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