What do IMF’s concerns about Bitcoin being an ‘inadvisable shortcut’ actually reveal

The growing popularity of Bitcoin has resulted in many countries adopting the digital asset and the International Monetary Fund [IMF] has not been happy with it. The Washington DC based organization once again expressed concerns about Bitcoin and other cryptos becoming national currencies.

The IMF was more concerned about the countries adopting Bitcoin and recognizing it as their national currency, like El Salvador. Earlier when the country had first announced its plans to making Bitcoin legal tender, the IMF had mentioned that the use of crypto would threaten “macroeconomic stability” and also potentially harm financial integrity, through use in illicit activities.

However, the countries that were embracing crypto barely cared for IMF’s opinion. Other countries like Honduras installed their first crypto ATM this week. Meanwhile, Cuba became another country to recognize and regulate cryptocurrencies such as Bitcoin. As it moves forward in recognizing crypto, Cuba may reportedly be able to bypass the United States embargo, which prohibits the island’s international commerce and remittances.

Even though the IMF tried to warn the users about risks associated with crypto, it IMF’s knowledge gap concerning cryptos was also evident.

Source:ambcrypto.com