Part 2/9:
According to a recent research paper published by the IMF, and confirmed during their executive board meetings in early February 2023, cryptocurrencies are not recognized as a legal form of tender. This stance signifies a significant move away from acceptance or endorsement of digital assets as lawful currency within member states.
Key Policies and Principles
The IMF’s policy framework emphasizes several critical points:
No Legal Recognition: Cryptocurrencies should not be granted official currency or legal tender status, as doing so could threaten monetary stability.
Enhanced Regulation: Development and enforcement of prudential conduct and oversight requirements for all crypto market actors are prioritized.