I recently mentioned that in the midst of the current price collapse, and a bit to make matters worse the International Monetary Fund recently urged El Salvador to withdraw Bitcoin as legal tender, an action that can undoubtedly further impact the entire cryptocurrency market.
While for the International Monetary Fund the adoption of a cryptocurrency as legal tender poses serious risks to financial and market integrity, El Salvador's actions have now been joined by the state of Arizona in the United States, whose legislature is considering adopting bitcoin as legal tender.
Certainly they are separate actions, more however, as I rightly mentioned in my previous post these coercive actions by the International Monetary Fund will probably only limit the growth of the cryptocurrency market in the medium term but will not stop the growth of cryptocurrencies.
In the context of Arizona in the United States, the proposal is driven by Wendy Rogers (incumbent Senator), who has previously stated her position in favor of bitcoin and cryptocurrencies.
As published in the U.S. press, regulators and companies in the cryptocurrency industry in the U.S. are awaiting the publication of a possible executive order in mid-February that would provide guidelines for the regulation of bitcoin, so it is suspected that the U.S. will not ban bitcoin and cryptocurrencies.
What position would the International Monetary Fund adopt in this new scenario?.
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hello @lupafilotaxia,
this fall of the market affects the income of that country who lost a lot of money with this fall, but one of the doubts I always think is that coins can work perfectly well as an exchangeable digital asset. it is not necessary for the government to get involved in all this matter, governments only want a part of the profits, that is why they dictate complex legal frameworks where the purpose is to stop the growth and adoption of coins as a payment system.
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Greetings @lupafilotaxia I believe that all of us who make life in the crypto world must be aware that the hard phase has not yet arrived and that we are only facing small restrictions to implement some governments, we must resist the onslaught and project the market to a process of increasing massification. Greetings
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hello @lupafilotaxia The International Monetary Fund responds to large corporations, to really wealthy people who have had a hegemony of the power of loans to countries, and in this way they can exert pressure on them. the fact that countries can achieve independence from them and have other ways of getting money would really be a big mess for the IMF. but I think that sooner rather than later cryptocurrencies are going to prevail over all these institutions.
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Greetings dear friend @lupafilotaxia, it was to be expected that the international monetary fund took those measures, to them, they do not want the economies to focus on the blockchain, because, they would lose absolute control over the countries.
So long, have a great start to the week.
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Hello @lupafilotaxia, The regulation of BTC and other cryptocurrencies is something that we are waiting for so that these guidelines allow an incorporation of the legal use of cryptocurrencies in the world economy.
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I hope that this year things will be better legally with cryptocurrencies, I hope that the USA will move away from the position of China and Russia
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