IMF officials: do not make crypto legal tender
Fund leaders call for cautious approach to digital assets at February meeting
International Monetary Fund leaders counselled member states against using cryptocurrency as legal tender at a February meeting, the fund reported on February 23.
The fund’s executive board was discussing a paper on crypto asset regulation, which proposed nine principles. The first of these was to “safeguard monetary sovereignty” and monetary policy by denying crypto the status of state-backed currency.
The board “generally agreed that crypto assets should not be granted official currency or
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