IMF proposed a nine-point action plan for countries to consider when dealing with crypto assets

February 25, 2023

IMF advises against using cryptocurrency as legal tender

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The International Monetary Fund (IMF) has proposed a nine-point action plan for countries to consider when dealing with crypto assets. Among other things, the IMF has advised countries not to grant any crypto asset legal tender status.

The IMF’s executive board discussed a paper titled “Elements of Effective Policies for Crypto Assets” on Thursday (February 23), which was said to guide IMF member countries on key elements of an appropriate policy response to crypto assets. Following the recommendations, IMF managing director Kristalina Georgieva stated in Bengaluru that prohibiting private crypto should be part of the discussions. On Friday, Georgeiva spoke at the G20 meeting in Bengaluru (February 24).

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