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IMF Nine Point Crypto Action Plan

IMF Nine Point Crypto Action Plan
IMF Nine Point Crypto Action Plan
  • The International Monetary Fund recently unveiled a Crypto Action plan to safeguard monetary sovereignty in the world. The action plan will help countries to frame their crypto policies. The following are the nine points:Details how a country should treat cryptocurrencies. That is, they should choose the currency very carefully in providing the legal status
  • Establish international arrangements to increase enforcement regulations
  • set up methodologies to monitor the impact of cryptocurrency
  • Strengthen monetary frameworks
  • Guard against excessive capital flows
  • make laws on cryptocurrencies and assets;
  • impose taxes on organizations using crypto
  • Be cautious as the crypto assets may circumvent capital flow management and also may undermine the monetary policy’s efficiency
  • Do not grant legal status or official status to cryptocurrency
  • The IMF quoted El Salvador as an example. The country lost more than 60 million USD during its bitcoin experiment. It spent 375 million USD in implementing the experiment. Due to this, the country faced an economic crisis and a very high deficit. The country implemented bitcoin.
Published date : 25 Feb 2023 05:18PM

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