Topic: What is the IMF Qualms With Regulating/ Banning Bitcoin? - page 2. (Read 204 times)
It's nothing than an empty threat, IMF cannot decide for us when we are open to a decentralized digital network that is far more secured than the internet itself or the CBDC they are introducing, either they like it or not, bitcoin is the solution to our financial and economy challenges and has come to stay, they may try regulate other cryptos because they are centralized but not applicable to bitcoin, this is one of the basic fact bitcoin has over other cryptocurrencies in term of preference.
They'd like to regulate Bitcoin more seriously but not ban it. They are smart enough to know that they are unable to ban it but in the meantime, before better regulations they can think of, and will be approved and enforced, they will try to make as many fud as possible to fear the crowd.
If the crowd feel fearful about Bitcoin, think of it like something illegal and can bring them to jails, they will keep good distance to Bitcoin. It will reduce the adoption rate of Bitcoin and IMF will feel happily enough like their fud campaign gains some success.
If the crowd feel fearful about Bitcoin, think of it like something illegal and can bring them to jails, they will keep good distance to Bitcoin. It will reduce the adoption rate of Bitcoin and IMF will feel happily enough like their fud campaign gains some success.
Bitcoin can not be censored or banned. People who have half a brain know that a ban is nothing more than theoretical and that with the right tools, you can still access and utilize Bitcoin despite whatever bans your country is imposing without any consequence.
Thats right. However if your country ban bitcoin, your only choice is to do psp with other people that can agree to pay you in fiat by wallet to wallet transfer or leave your country and go to a more not restrict area and less regulations about bitcoin and crypto. Kinda hassle if you are a normal guy but if your asset worth tons of money maybe leaving is the logical choice.
There are different people with different opinion regarding bitcoin and crypto. Some people are in support of it because it is backed by blockchain technology. On the other hand, some people are against it with the logic that it can be used for illegal activities. I personally feel that these people who are against crypto have not themselves even tried crypto. They have formed an opinion against bitcoin just based on past bad experiences with other investment options. Thus, as crypto users, we should ask others to start using crypto even in small quantity. Once they have used it, they will also understand the benefits of crypto.
The criticism and appraisal of Bitcoin did not just start today, so there is nothing to worry about. Top voices from big offices like IMF, FED, Federal Reserve, world & top banks and others have always made the world know their reservations about this, which is normal. But the project of Bitcoin is too large for a total condemnation that would cause a total ban, the haters could only rant, nothing more.
Still, it's worth noting that as time goes on whether we like it or not, more regulations would be meted out on cryptocurrencies, but banning is out of it. While those countries that restricted or banned it would gradually lift their bans.
Still, it's worth noting that as time goes on whether we like it or not, more regulations would be meted out on cryptocurrencies, but banning is out of it. While those countries that restricted or banned it would gradually lift their bans.
The The International Monetary Fund (IMF) have certain goals... namely to secure financial stability of the US Dollar in all the countries where it is used... discouraging policies that would harm the prosperity of the United States and international monetary cooperation (making sure countries use the US Dollar)
That is my summary of their goals.... not their actual goals... but you should read between the lines, when I do this, because that is the reason why they want to regulate/ban Crypto currencies.
That is my summary of their goals.... not their actual goals... but you should read between the lines, when I do this, because that is the reason why they want to regulate/ban Crypto currencies.
They can try to ban it just like China has tried to ban it several times. It won't work. Bitcoin can not be censored or banned. People who have half a brain know that a ban is nothing more than theoretical and that with the right tools, you can still access and utilize Bitcoin despite whatever bans your country is imposing without any consequence.
There are a couple of reasons that contributed to economic growth in El Salvador and bitcoin is only one of them. For example end of the pandemic and increased tourism and attracting more foreign investment are some of those reasons.
But of course IMF existing to fulfill American interest should be fearful of bitcoin adoption specially in places where it replaces US dollar (El Salvador doesn't have its own fiat and uses dollar).
But of course IMF existing to fulfill American interest should be fearful of bitcoin adoption specially in places where it replaces US dollar (El Salvador doesn't have its own fiat and uses dollar).
Banning bitcoin will just slow down adoption. People will still be using it. So I think we shouldn't be worried about that.
What about regulations, we will see them for sure but I don't think they are gonna be harsh. Bitcoin is already a part of out world and government will accept it at some point.
What about regulations, we will see them for sure but I don't think they are gonna be harsh. Bitcoin is already a part of out world and government will accept it at some point.
The only point where I agree with them is that any country that chooses to accept Bitcoin as a legal tender should also consider implementing Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) policies and increasing fiscal transparency.
The problem with that perspective is that it attacks the privacy of people who do not commit crimes and simply want to keep their bitcoin out of the clutches of the public authorities.
AMLs tend to make every bitcoin transaction perfectly identifiable, like a bank transaction, and that goes against the very spirit of bitcoin.
On the other hand, let the IMF say what it wants, they are not going to ban bitcoin, if they haven't already done so, although I wouldn't mind if they banned or put many more restrictions on the thousands of shitcoins that are constantly emerging, and which in many cases are nothing more than pump and dump schemes.
The IMF should take it easy on trying to propagate bad news about bitcoin despite having evidence to the contrary. Earlier this month, the IMF visited San Salvador from Jan. 30 to Feb. 8, and two things to note from their visit are, first, that the risks it raised in accepting bitcoin as a legal tender in 2021 have mostly been avoided, and secondly, that the Salvadoran economy grew rapidly by 2.8% in 2022. Now, instead of hiding their heads in shame, they are calling for a ban on Bitcoin or more regulation. According to the International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, crypto needs “more regulation.” She added, “We should not take off the table banning those assets,” if regulation fails or is too slow to implement. Too bad for them, the evidence is clear from El Salvador that, despite their status, they do not know it all, and secondly, there is a positive impact of Bitcoin on a country's economic growth. The only point where I agree with them is that any country that chooses to accept Bitcoin as a legal tender should also consider implementing Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) policies and increasing fiscal transparency. These are my thoughts, what's yours?
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