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Bitcoin as legal tender in CAR will raise economic policy challenges: IMF

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Bitcoin as legal tender in CAR will raise economic policy challenges: IMF 4

The International Monetary Fund shared its stance against the Bitcoin adoption by the Central African Republic (CAR). 

The International Monetary Fund (IMF) is an international financial institution. Its headquarter is situated in Washington DC. It is backed by the collaboration of 190 countries. The past few years showed that the IMF agency is significantly concerned about the adoption of Cryptocurrencies among financial institutions and also among countries officially.

Recently Bloomberg published a report on a note of the IMF, which was sent to Bloomberg through email from the IMF agency. 

The news agency reported that the IMF agency responded against the Bitcoin adoption by the Central African Republic (CAR) and noted that the Country may face huge issues like regulatory challenges. 

“The adoption of Bitcoin as legal tender in C.A.R. raises major legal, transparency, and economic policy challenges. IMF staff are assisting regional and Central African Republic authorities in addressing the concerns posed by the new law,” IMF.

Alongside the concerns raised by the IMF, the Bloomberg report noted that the decision to adopt Bitcoin as a Currency by CAR was not systematic because it was introduced without any consultation with stakeholders of the country. 

Former Bitcoin adoption by CAR 

No doubt that Bitcoin is now under full legal clarity in the Central African Republic (CAR) but it is still under former legality because the decision to introduce Bitcoin as Currency took place in a very short time.

If we look at El Salvador’s Bitcoin Act, then we know very well that the El Salvador government prepared itself in advance to bring the bitcoin law. However, the ruling government faced huge criticism and backslash from local & foreign agencies but still under all the hurdles, it Introduced Bitcoin as a legal currency with major support.

A few months ago, the IMF suggested El Salvador drop the plan of Bitcoin use as currency but government officials of El Salvador rejected the proposal and confirmed that they will never suspend bitcoin from its legal position of tender. 

Read also: Cardano powered Atala SCAN app will identify counterfeiters

Bitcoin as legal tender in CAR will raise economic policy challenges: IMF

 

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