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"private" Crypto currencies are too volatile and it is madness for a country to use one as currency coz the country will go broke says IMF

 
well they would say that
User ID: 80650701
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07/27/2021 05:40 AM
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"private" Crypto currencies are too volatile and it is madness for a country to use one as currency coz the country will go broke says IMF
well they would say that wouldn't they!!


The International Monetary Fund has called on nations to consider using blockchain tech to improve financial services, but warned that dabbling with private cryptocurrencies is vastly risky.

A Monday post titled Cryptoassets as National Currency? A Step Too Far opens by stating "New digital forms of money have the potential to provide cheaper and faster payments, enhance financial inclusion, improve resilience and competition among payment providers, and facilitate cross-border transfers."

But the post notes that some nations are considering they could access those benefits with the shortcut of adopting cryptoassets as either legal tender, or even "a second (or potentially only) national currency".

That way, argue Tobias Adrian and Rhoda Weeks-Brown, respectively the director of the IMF's Monetary and Capital Markets Department and general counsel and director of the IMF's Legal Department, lies madness.

Cryptocurrency volatility is the authors' main worry.

"Cryptoassets are unlikely to catch on in countries with stable inflation and exchange rates, and credible institutions," the authors argue. "Households and businesses would have very little incentive to price or save in a parallel cryptoasset such as Bitcoin, even if it were given legal tender or currency status. Their value is just too volatile and unrelated to the real economy."

That volatility complicates markets, rather than improving them.

"If goods and services were priced in both a real currency and a cryptoasset, households and businesses would spend significant time and resources choosing which money to hold, as opposed to engaging in productive activities.

"Similarly, government revenues would be exposed to exchange rate risk if taxes were quoted in advance in a cryptoasset while expenditures remained mostly in the local currency, or vice versa."

That potential mismatch damages macroeconomic stability, the authors argue.

[link to www.theregister.com (secure)]
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07/27/2021 05:44 AM

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Re: "private" Crypto currencies are too volatile and it is madness for a country to use one as currency coz the country will go broke says IMF
Because when I need help choosing what financial instruments and investment vehicles I use, I consult the IMF. They want all of us to have great financial success.


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07/27/2021 05:44 AM
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Re: "private" Crypto currencies are too volatile and it is madness for a country to use one as currency coz the country will go broke says IMF
Using fixed prices like tether or usdt kind of defeat inflation? Obviously If crypto will be used as a true currency it will be fixed prices, crypto’s that arent volatile.
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07/27/2021 05:45 AM
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Re: "private" Crypto currencies are too volatile and it is madness for a country to use one as currency coz the country will go broke says IMF
This may be the best advertising for private coins ever made
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07/27/2021 05:46 AM
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Re: "private" Crypto currencies are too volatile and it is madness for a country to use one as currency coz the country will go broke says IMF
Using fixed prices like tether or usdt kind of defeat inflation? Obviously If crypto will be used as a true currency it will be fixed prices, crypto’s that arent volatile.
 Quoting: Anonymous Coward 79119572


it would be govt controlled. not some shady "can't be controlled!! but really controlled by some unknown dudes" like bitcoin.
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07/27/2021 05:49 AM
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Re: "private" Crypto currencies are too volatile and it is madness for a country to use one as currency coz the country will go broke says IMF
"Cryptoassets are unlikely to catch on in countries with stable inflation and exchange rates, and credible institutions," the authors argue.
 Quoting: well they would say that 80650701

Which countries have stable inflation and credible institutions?

That's a very bullish statement for crypto. Time to back up the truck.
Anonymous Coward (OP)
User ID: 80650701
Australia
07/27/2021 05:50 AM
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Re: "private" Crypto currencies are too volatile and it is madness for a country to use one as currency coz the country will go broke says IMF
"Cryptoassets are unlikely to catch on in countries with stable inflation and exchange rates, and credible institutions," the authors argue.
 Quoting: well they would say that 80650701

Which countries have stable inflation and credible institutions?

That's a very bullish statement for crypto. Time to back up the truck.
 Quoting: Anonymous Coward 78218898


drama back up the truck to the moon???
Anonymous Coward
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07/27/2021 06:38 AM
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Re: "private" Crypto currencies are too volatile and it is madness for a country to use one as currency coz the country will go broke says IMF
No tengo Monero *shrugs* 'le accidente de boating'
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07/27/2021 08:10 AM
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Re: "private" Crypto currencies are too volatile and it is madness for a country to use one as currency coz the country will go broke says IMF
dapscoin.com

Untraceable coin and currently only $20 for 1 Million of them.


Get them on Hotbit exchange



Purchase and put them away. Soon to be 10 cents each. No mining needed. You can stake them and earn interest operating the network.
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07/27/2021 08:17 AM
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Re: "private" Crypto currencies are too volatile and it is madness for a country to use one as currency coz the country will go broke says IMF
The imf knows theyre finished
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07/27/2021 08:23 AM
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Re: "private" Crypto currencies are too volatile and it is madness for a country to use one as currency coz the country will go broke says IMF
OPPORTUNITY!!!!

Golden Doge GDOGE will be officially listed on ZT Global - one of the largest Central Exchanges.





GLP