The International Monetary Fund (IMF) recommended that cryptocurrencies like Bitcoin should not be legal tender, and issued an action plan to member states.
The IMF released a nine-point action plan on Feb. 24 on how countries could suppress the popular use of crypto assets.
On Feb. 8, the financial agency’s executive board provided guidance to IMF members through a document, “Elements of Effective Policies for Crypto Assets,” to provide an appropriate policy response to crypto assets.
The IMF believes that action must be taken immediately after the recent collapse of several crypto exchanges and other assets within the crypto ecosystem.
“Doing nothing is untenable, as crypto assets may continue to evolve despite the current downturn,” wrote the authors of the report….