{"id":555740,"date":"2023-02-24T00:30:00","date_gmt":"2023-02-23T21:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/imf-exec-board-endorses-crypto-policy-framework-including-no-crypto-as-legal-tender\/"},"modified":"2023-02-24T00:30:00","modified_gmt":"2023-02-23T21:30:00","slug":"imf-exec-board-endorses-crypto-policy-framework-including-no-crypto-as-legal-tender","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/imf-exec-board-endorses-crypto-policy-framework-including-no-crypto-as-legal-tender\/","title":{"rendered":"# IMF exec board endorses crypto policy framework, including no crypto as legal tender"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a34c94e4aab8\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a34c94e4aab8\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/imf-exec-board-endorses-crypto-policy-framework-including-no-crypto-as-legal-tender\/#%E2%80%9D_IMF_exec_board_endorses_crypto_policy_framework_including_no_crypto_as_legal_tender_%E2%80%9C\" >&#8221; IMF exec board endorses crypto policy framework, including no crypto as legal tender &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_IMF_exec_board_endorses_crypto_policy_framework_including_no_crypto_as_legal_tender_%E2%80%9C\"><\/span>&#8221; IMF exec board endorses crypto policy framework, including no crypto as legal tender &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvNTkwNjJiZmItZWUzYS00ZmY0LWJlNzQtMjU0NDA5MDRmMTgzLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>The executive board of the International Monetary Fund (IMF) has assessed a paper on crypto asset policy published by the fund and expressed its agreement with its proposed policy framework. The paper, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/Publications\/Policy-Papers\/Issues\/2023\/02\/23\/Elements-of-Effective-Policies-for-Crypto-Assets-530092?cid=pr-com-PPEA2023004\">titled<\/a>\u00a0\u201cElements of Effective Policies for Crypto Assets,\u201d developed framework of nine policy principles that addressed macro-financial, legal and regulatory, and international coordination issues.\u00a0<\/p>\n<p>The proposed principles were mainly quite broad, emphasizing analysis, monitoring and guarding. The paper explicitly said the proposals should be taken up by \u201cthe Directors.\u201d The first principle did contain a concrete injunction. It read:<\/p>\n<blockquote><p>\u201cSafeguard monetary sovereignty and stability by strengthening monetary policy frameworks and do not grant crypto assets official currency or legal tender status.\u201d<\/p><\/blockquote>\n<p>The executive board expressed its agreement with the proposals in the paper, and specifically endorsed its position on crypto as legal tender, saying members \u201c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly agreed\u201d with it. The board also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2023\/02\/23\/pr2351-imf-executive-board-discusses-elements-of-effective-policies-for-crypto-assets\">repeated<\/a> the principle of \u201csame activity, same risk, same regulation\u201d and \u201cemphasized that the Fund could serve as a thought leader in further analytical work\u201d on crypto assets.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">IMF discusses policies for crypto assets, calling for &#8216;robust macroeconomic policies&#8217;<\/p>\n<p>&#8216;[&#8230;] widespread adoption of crypto assets could undermine the effectiveness of monetary policy&#8217;<\/p>\n<p>&#8216;[&#8230;] significant implications for the international monetary system&#8217; <\/p>\n<p>They are scared.. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/tSraLxg1lM\">pic.twitter.com\/tSraLxg1lM<\/a><\/p>\n<p>\u2014 CR1337 (@cryptonator1337) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptonator1337\/status\/1628836277587001347?ref_src=twsrc%5Etfw\">February 23, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The paper was dated January 2023 and the executive board met to discuss it on Feb. 8, but the paper and the meeting were made known to the public on Feb. 23.<\/p>\n<p><strong><em>Related: IMF calls for tighter crypto regulation in Africa as the industry unfolds<\/em><\/strong><\/p>\n<p>The IMF has made its opposition to the use of crypto as legal tender well known, especially since El Salvador adopted Bitcoin as its official currency in September 2021. Its latest statement on El Salvador was released Feb. 10 and was panned by the crypto community. The fund has also urged the adoption of greater crypto regulation.<\/p>\n<p>The IMF looks on central bank digital currency (CBDC) more favorably than cryptocurrency. It announced in September that it was working on an interoperable CBDC platform. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/imf-exec-board-endorses-crypto-policy-framework-including-no-crypto-as-legal-tender\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; IMF exec board endorses crypto policy framework, including no crypto as legal tender &#8220; The executive board of the International Monetary Fund (IMF) has assessed a paper on crypto asset policy published by the fund and expressed its agreement with its proposed policy framework. The paper, titled\u00a0\u201cElements of Effective Policies for Crypto Assets,\u201d developed&#8230;<\/p>\n","protected":false},"author":1,"featured_media":555741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/59062bfb-ee3a-4ff4-be74-25440904f183.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,75606,90059,70934],"class_list":["post-555740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-imf","tag-el-salvador","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/555740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=555740"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/555740\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/555741"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=555740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=555740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=555740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}