IMF calls for the regulation of cryptocurrency

[Baofeng]

I guess they understand that it's going to be very difficult to stop crypto by all means, even if they push it, some countries are going to ignore like El Salvador is doing or some 3rd world Asian or African countries. And it might some tensions on countries that are in the opposite side of the spectrum.

And then they talked about CBCD's, so it makes sense for them to push for it. And for sure KYC are going to be mandated everywhere now.

On the other hand, I do agree with them that instead of a ban, they should address the main drivers of crypto, which is us, the population.

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[zasad@]

I guess they understand that it's going to be very difficult to stop crypto by all means, even if they push it, some countries are going to ignore like El Salvador is doing or some 3rd world Asian or African countries. And it might some tensions on countries that are in the opposite side of the spectrum.

And then they talked about CBCD's, so it makes sense for them to push for it. And for sure KYC are going to be mandated everywhere now.

On the other hand, I do agree with them that instead of a ban, they should address the main drivers of crypto, which is us, the population.

El Salvador and other African countries have a very small market share. But Europe and the US are full of rich people who want to invest. Any cryptocurrency regulation law includes a KYC procedure. The regulator cannot defeat cryptocurrencies, but it can close the possibility of exchanging cryptocurrencies for dollars.

[Porfirii]

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If you work by law, then you are required to accept stablecoins from identified wallets and send money to identified wallets.
I think that stablecoins are superfluous in this market and their regulation will get worse until all wallets pass KYC. And if they fail to meet this requirement, they will be removed from the market.

That's worrying. What will happen with long term holders? Will they be forced to go through scrutiny due to the fact that until now identified wallets were not the norm? Will this apply only to stablecoins as you mentioned, or with cryptos in general? I have to catch up with the new european regulation: I thought it was addressed to service providers, but it seems that users like us should also be aware.

[Husires]

The IMF is a centralized institution, so they are not going to support a decentralized network, they want financial activities to be under the control of a central authority, but since BTC can't be under the control of any authority, they are going to try and promote their cbdc over it and talk of regulations for crypto.

IMF is not a state, but rather a fund, as long as the parties inside the fund agree to the proposal of Bitcoin as its knowledge and the two lending parties agree, so there is no objection to that, but this fund is directed to the policies of capitalism, and therefore it is unlikely that it will predict Bitcoin unless countries adopt Bitcoin.
You do not have to think about it in terms of a centralized and decentralized currency, but rather there is a lot of openness to the use of bitcoin in international trade if the concept of globalization diminishes and many countries try to move away from the dollar.

On a related note, the probability that the IMF will provide loans in Bitcoin is higher than that Bitcoin will be accepted as legal tender in the United States of America.

[zasad@]

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If you work by law, then you are required to accept stablecoins from identified wallets and send money to identified wallets.
I think that stablecoins are superfluous in this market and their regulation will get worse until all wallets pass KYC. And if they fail to meet this requirement, they will be removed from the market.

That's worrying. What will happen with long term holders? Will they be forced to go through scrutiny due to the fact that until now identified wallets were not the norm? Will this apply only to stablecoins as you mentioned, or with cryptos in general? I have to catch up with the new european regulation: I thought it was addressed to service providers, but it seems that users like us should also be aware.

Stablecoins are now at increased risk of falling under the new regulation. Searching for every owner of a wallet with $1,000 is expensive, but for example, wallets over $10,000 may require a KYC procedure. If I correctly understood the law of Europe, then exchanges, not special organizations, are responsible for the KYC procedure.