IMF Issues New Warning Against Using Crypto Assets As National Currency
As Bitcoin gains momentum around the world, financial regulators step up their game to try and save the crumbling financial system.The International Monetary Fund (IMF) sent out a warning, telling us that using crypto assets as national currency would be “a step too far.” Personally, I think a step too far is the existence of an unaccountable, global body that imposes an unsustainable monetary system on the entire word, but that’s just me. Leaving that aside, let’s look at the IMF’s arguments and see if they hold any weight.Don’t Fear Short-Term VolatilityThe IMF begins by warning us that....
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Spanish authorities are enforcing their tough stance on the cryptocurrency industry, and the national tax agency seems to be taking it very seriously. Now, the Hacienda issued 14,800 warning letters to Spaniards under their watch for allegedly having failed or need to declare crypto holdings. Fines Could Be ‘Over $5,900’ if a Crypto Holder Fails to Declare Mandatory Tax Filings According to Telemadrid, Spain’s tax agency was clear on making cryptos taxable, and notifications have already arrived to their correspondent receivers. Spanish crypto holders should declare their....
Remember just a few days ago when we filed a post noting that Missouri officials had issued an advisory on the topic of bitcoin and cryptocurrencies? I closed that post by saying that "...there's likely more [of these warnings] to come", and that is exactly what has happened. The next state to throw up their warning flags is Nevada. In conjunction with a group of national state organizations (specifically, the Conference of State Bank Supervisors and the North American Securities Administrators Association), the Nevada Financial Institutions Division has reportedly begun warning citizens....
Amid the growing popularity of cryptocurrencies in Kyrgyzstan, the country’s central bank has reminded citizens about the risks associated with the digital assets. The monetary authority also warned that crypto payments are illegal in the Kyrgyz Republic.
National Bank of Kyrgyzstan Urges Caution With Cryptocurrency
Cryptocurrencies and other virtual assets are increasingly spreading in Kyrgyzstan, the nation’s central bank recently noted. The regulator reminded that using them to buy or sell goods and services is still against the law, with the Kyrgyzstani som....
The National Bank of Ukraine (NBU), the country's central bank, has issued a Bitcoin warning to regional banks and other financial institutions, the second after an year's gap. The latest warning comes in the wake of Bitcoin's growing popularity within the national borders. According to a Ukrainian daily, a recently held Bitcoin conference in capital Kiev has sparked a series of conferences and meetings among the regional banking institutions, a factor that could lead to an organic Bitcoin adoption rate in the country. But despite growing interests, Bitcoin is still a risky and speculative....
Making any cryptocurrency a national currency “is an inadvisable shortcut” to more inclusive financial services, according to two IMF officials. The International Monetary Fund is warning that some of the consequences of a country adopting Bitcoin as a national currency “could be dire.”According to IMF marketing department financial counsellor and director Tobias Adrian and legal department general counsel and director Rhoda Weeks-Brown, a cryptocurrency like Bitcoin (BTC) may catch on in countries without stable inflation and exchange rates, and provide unbanked people with the means to....