IMF: “Cryptos cannot be legal tender”

Kristalina Georgieva

Kristalina Georgieva – Credit: Shutterstock

This weekend, the chief from International Monetary Fund insisted on the need more than regulation for the cryptocurrencies as Bitcoin.

On Saturday, on the sidelines of the G20 meeting, the director of the IMF said that “private” crypto-currencies should be more regulatedreports Bloomberg.

“The Financial Stability Board, the International Monetary Fund and the Bank for International Settlements have committed to presenting a basis for the regulation of private crypto-currencies “, Kristalina Georgieva made known.

In spring 2022, the head of the IMF recognized, but conditioned the qualities of cryptos, being less categorical than her predecessor.

In this world of private issues, there needs to be more regulation […] Crypto-assets are nothing, they cannot be accepted as legal tender,” Kristalina Georgieva added on Saturday.

In an interview with the US agency, the leader said that if crypto-currencies ever ran a “higher” risk to the general public, the possibility of a ban “should not be taken off the table”.

Kristalina Georgieva also returned to the difference between central bank digital currencies and crypto-assets, including stablecoins. The former being a “good thing for the economy” and the latter: ” a risky and speculative investmentnot money,” she said.

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