IMF reject BTC adoption

[JamesBorn]

The IMF just said it doesn't want any other country in the world to adopt Bitcoin. They're scared, and still, bitcoin does not care!

Nothing can stop the honey badger. What a hell? PaintingBitcoin

https://twitter.com/paintingbitcoin/status/1628856606816337922

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[_act_]

IMF did not reject bitcoin adoption, they even know that they will fail if they want to. What IMF is against is the use of crypto as a legal tender. For bitcoin or any other crypto to be a legal tender can also help in the adoption but that is what IMF is against.

IMF will only say their own, since they have been telling El Salvador to reconsider what they have been talking about making use of bitcoin as a legal tender, El Salvador did not listen to them which is great.

IMF can not also be a threat to any country that wants to make bitcoin a legal tender, they can only say but they can not enforce.

[Aanuoluwatofunmi]

The IMF just said it doesn't want any other country in the world to adopt Bitcoin.

Will IMF be responsible for any country's losses or economic damage, poverty and debt repayments, they have nothing to support than to recruit more indebtors to their list, they have no right to stop any country's decision on wether to adopt bitcoin or not just like they couldn't stop El-Savador or Central African Republic from the adoption despite the strong warning especially on El-Savador, everyone has its own freedom of choice in deciding what to adopt and how to run their economy because they are fully responsible for themselves and IMF wouldn't by any chance be responsible for them or linient when paying them back their loans.

[thecodebear]

With how they have treated El Salvador the IMF has shown they are not interested in the good of people and nations but just keeping their power and control. It is despicable how they've tried to blackmail El Salvador to reverse course but withholding money they had been planning to give to El Salvador to help its people.

Bitcoin has made very clear that the financial powers that be are afraid of it and are mostly just concerned with keeping their own power.

With so many forces against Bitcoin, and constantly spreading misinformation about it which most people are all too keen to believe, Bitcoin's ascendancy and adoption will be slower than we might hope, and there will be setbacks, but its future is undeniable. People being born today won't even think twice about Bitcoin being a totally normal thing and a great currency of value when they are adults.

[franky1]

first of all. quoting some rando person on twitter is not real source proof

also IMF said banning PRIVATE cryptos should be an option.
this means something totally different than just banning cryptos

private cryptos are the ICO pre-mined crap of centralised groups that trade their coin with privacy features in a CLOSED network
..bitcoin is a public crypto in an open network

they want to categorise different networks as different categories in regards to how to treat each network. and also the funds/value/data inside each network for how users use said funds/value/data differently depending on their purpose

they also said about public cryptos should not be given legal tender status

they also said (half a dozen other recommendations)

https://www.imf.org/en/Publications/Policy-Papers/Issues/2023/02/23/Elements-of-Effective-Policies-for-Crypto-Assets-530092?cid=pr-com-PPEA2023004

most of this. is the IMF not fighting crypto. but fighting the BIS which is another international settlements level organisation for central banks. which is trying to allow crypto's to be in banks reserves(though low percentile of their total collateral)
because the IMF is the old fiat organisation and the BIS is moving forward with the CBDC model for international finance

[digaran]

Does IMF stand for International Institute of Mother Fuckers? If yes then that'd explain a lot. If not then who cares, right? Bitcoin is a rogue element in this totalitarian world of fiat ruled economy.

[LittleBitFunny]

If the IMF accepts and encourages countries to accept bitcoin, it will be a shock. It is not surprising that a monetary regulator has expressed hatred for bitcoin. Since bitcoin was created, it has received hate from governments and organizations around the world but it has survived and thrived. That means these institutions are interested in bitcoin or not, it is never a serious issue. IMF or China, they don't like bitcoin as their right, bitcoin doesn't care and will continue to grow without them.

[hd49728]

The IMF just said it doesn't want any other country in the world to adopt Bitcoin. They're scared, and still, bitcoin does not care!

If they accept Bitcoin, it's good.

If they refuse to accept Bitcoin, it's not bad actually. Bitcoin is used widely around the world and with that global adoption, Bitcoin does not depend on a single organization like IMF now and will not depend on IMF in future.

A few years ago, big techs did not accept Bitcoin but now they accept it and soon we will see big banks accept Bitcoin. IMF will accept Bitcoin in future after massive acceptance from banks.

[Captain Corporate]

https://www.imf.org/en/News/Articles/2023/02/23/pr2351-imf-executive-board-discusses-elements-of-effective-policies-for-crypto-assets

Definitely what they said at all. Read what Franky1 said, he knows what he is talking about, he is the first person here who knows what really happened. It is not about countries adopting, neither about rejection of bitcoin adoption or anything like that at all. This is just about the fact that there are risky assets in crypto which we all know, and most of us do not even invest, and it should not be done by big banks either, that's it. The misinformation going around on twitter is just too much, I can just tweet "IMF thinks bitcoin is the future and fiat will die" and you guys will believe that too? Look at the source, not the tweets.

[Despairo]

also IMF said banning PRIVATE cryptos should be an option.
this means something totally different than just banning cryptos

We need to say goodbye for Monero, Zcash, Dash etc where many centralized exchanges have start to delist privacy coins, if banning the whole privacy coins will happen, it's can be traded on decentralized exchange and any people who hold that's coins are somewhat like a criminal from their views.

If they refuse to accept Bitcoin, it's not bad actually. Bitcoin is used widely around the world and with that global adoption, Bitcoin does not depend on a single organization like IMF now and will not depend on IMF in future.

IMF is an international organization consist of 190 counties, so their decision is really huge to control the other countries. If IMF declare Bitcoin is illegal and must be banned, I would think the other countries which currently accept Bitcoin, will follow IMF's move.

[fuguebtc]

The IMF just said it doesn't want any other country in the world to adopt Bitcoin. They're scared, and still, bitcoin does not care!

If they accept Bitcoin, it's good.

If they refuse to accept Bitcoin, it's not bad actually. Bitcoin is used widely around the world and with that global adoption, Bitcoin does not depend on a single organization like IMF now and will not depend on IMF in future.

A few years ago, big techs did not accept Bitcoin but now they accept it and soon we will see big banks accept Bitcoin. IMF will accept Bitcoin in future after massive acceptance from banks.

Exactly, Bitcoin is a decentralized currency, and it does not depend on any organization or government. In the past 14 years, the IMF has not once accepted bitcoin, and bitcoin is still alive and well. So in the future, their not accepting bitcoin is not a problem that we need to worry about.
Honestly, I would be happy if governments and banks accepted bitcoin, but if they don't accept it, it doesn't matter to me, I will still use bitcoin my way.

[pooya87]

Apart from the fact that OP seems like advertising a twitter account, these things start from attacking ICOs and shitcoins and then could continue into attacking bitcoin itself. After all IMF is an American organization and obeys and fulfills US interests, one of which is preservation of United States Dollar and bitcoin is another serious threat to it's dominance.

So the real question is not about what IMF says but how much countries care about it (or forced to care about it)?

[Velemir Sava]

The IMF just said they don't want the whole world to adopt Bitcoin like the OP said, but something else got interesting when I logged on to their twitter page. After reading it can be said Cryptocurrencies are not a threat to the financial system, and could be part of a solution to increase cross-border payments, according to the head of research of the International Monetary Fund (IMF). Carstens says that the technology behind cryptocurrencies can also improve payments in general. See this link https://www.imf.org/en/Blogs/Articles/2023/02/23/technology-behind-crypto-can-also-improve-payments-providing-a-public-good.

[avikz]

That's fair from the perspective of IMF. They pretty much work as a bank for the nations. They pool billions of dollars in lower interest rates and lend that money to the countries at a higher interest rate and earn spreads. That's pretty much what they do! So they are acting like any other commercial banks when it comes to crypto currency. Majority of the commercial banks have a negative view of cryptos and IMF is no exception. That's fair from their part.

Does that mean crypto industry will slow down? Oh hell no! We are far more resilient now from any such comments from any big businesses or personalities. We just don't give a shit anymore!

[BTCBroker2016]

Every country have their own adoption ways

[pooya87]

Carstens says that the technology behind cryptocurrencies can also improve payments in general.

That is what they say before creating a new centralized shitcoin created and controlled by the government or the banksters and call that CBDC claiming it is solving all the problems because it is using the "technology behind bitcoin".

[yazher]

When a country's economy is about to fall, they won't go to listen to anybody anymore instead, they will do their own way to survive and if it means adopting bitcoins as their primary currency, they will going to do that without hesitation they won't going to listen to these people because they cannot resolve their problem anyway. We all know that they are big groups behind this decision and those hostile companies are really not slacking when it comes to working on blocking the success of bitcoins all around the world.

[MoonOfLife]

If I am not mistaken, they had never accepted bitcoin before or encouraged any country to accept bitcoin. With this announcement, it won't have any effect on bitcoin, which just shows that they are more and more afraid of bitcoin. They have no solution to stop bitcoin other than to advise countries not to accept bitcoin, but no one listens to what they say.

[Dickiy]

The IMF just said it doesn't want any other country in the world to adopt Bitcoin. They're scared, and still, bitcoin does not care!

Nothing can stop the honey badger. What a hell? PaintingBitcoin

https://twitter.com/paintingbitcoin/status/1628856606816337922

They are afraid that their products will no longer sell well in the market with all the manipulation by FIAT. It is normal for financial regulators to feel threatened by a system that they have created until now and will be replaced, something like that is what they have to do to frighten other people.
On the other hand, this is indeed FUD, but if you look at it from another perspective, this is free bitcoin advertising without having to pay, all forms of FUD circulating in the community about bitcoin, more and more people will get to know bitcoin, even though at the first introduction they thought bitcoin was bad and not worth it. but the more bitcoin develops, the easier it will be for people to enter the market.

[buwaytress]

Already pointed out by the first response that it isn't BTC adoption, but the use of it as legal tender.

Also spoiler, this isn't a new stance. I believe it was as early as 2018 when Marshall Islands first wanted to do that (the trigger here I believe was that they wanted to abandon their existing currencies a la El Salvador in favour of Bitcoin).

So, no (new) news really.