The Cryptocurrency news today is IMF says making Bitcoin is an “inadvisable Shortcut” for a national currency. The latest tweet of IMF news is quoted below:
“Putting Bitcoin or any other privately issued cryptoasset on par with a national currency can have serious negative effects on financial & economic stability.”
As El Salvador is going to issue Bitcoin (BTC) as a legal currency by this September 2021, thus International Monetary Fund (IMF) warned regarding this act as it is an “Inadvisable Shortcut” because it may bring some serious negative effects on financial and economic stability.
Stability and Sustainability Necessary for Crypto
According to the two IMF directors, the Government needs to maintain stability, efficiency, equality, and environmental sustainability while providing the new digital money can be dangerous as it may shake the roots of the country. But the advocate of Crypto argues that it is the same as paper money.
In the Cryptocurrency news today, the Directors and the financial Counselors of the IMF trying to convince people that Cryptocurrency is far better and more reliable than the older version of the money as it is more reliable, and potential of faster payment, and much cheaper, Not only this, it is more inclusive financial services, improved resilient and much more.
Risk of Destabilizing Financial Integrity, Macro environment and Consumer Protection
However, in breaking Crypto news, making Bitcoin (BTC) a national currency, Cryptoassest including Bitcoin is a great risk as it may destabilize the macro-financial stability, consumer protection, financial integrity, domestic prices, and the environment.
Not only this, but Monetary policy will also face a problem as central banks will not set interest rates on foreign currency.
Thus, according to the Cryptocurrency latest news, today is, it is an “inadvisable shortcut” to make Cryptocurrency a national currency due to some negative effects on the financial, economic, and financial, integrity, consumer protection, domestic prices, and the environment.