The International Monetary Fund (IMF or FMI as it is known in Latin America) has launched a guide for the creation of central bank digital currencies (CBDC), in a clear attempt to stop the advance of Bitcoin and other decentralized cryptocurrencies. It is the intention of this international organization that governments adopt their own digital currencies, under their supervision and control, to offer “new payment options” to citizens (really?). However, as a cryptocurrency advocate, I consider this initiative to be, without a doubt, a threat to the financial freedom and innovation that Bitcoin, the first and most popular decentralized digital currency, represents.
On the one hand, Bitcoin, which was born as an alternative to the traditional monetary system, is based on a network of distributed nodes that validate transactions through a consensus mechanism called proof of work (PoW) and has a limited supply of 21 million units which gives it a deflationary and manipulation-resistant quality. In contrast, CBDCs are digital currencies issued and controlled by central banks, which can create and destroy money at will, depending on their political and economic objectives. These digital currencies are nothing more than a digital version of fiat money, which loses value over time due to inflation and devaluation. Additionally, CBDCs could involve increased surveillance and censorship by authorities, who could track and block users' transactions at their whim and convenience.
The IMF, which presents itself as a defender of financial stability and international cooperation, has on several occasions shown its rejection of Bitcoin and other cryptocurrencies that are beyond its control. The agency has warned of the alleged risks that these digital currencies pose for monetary sovereignty, security, consumer protection and the prevention of money laundering (topics that I have discussed in previous articles). Likewise, the IMF has expressed concern about the environmental impact of Bitcoin, due to the high energy consumption of its mining process.
For this reason, as I mentioned, the IMF has prepared a guide to guide (should have written IMPOSE) governments and central banks in the development of their own digital currencies, which according to the organization, could offer benefits such as financial inclusion, efficiency , the speed and security of payments. The guide includes recommendations on the technical, legal, regulatory and operational aspects to consider when launching a CBDC. It also offers to collaborate with the authorities of countries interested in implementing this type of digital currencies.
However, what will be the IMF's true intention behind this initiative? I would suspect more that the organization seeks to impose its agenda and influence on developing countries, which could be pressured to adopt CBDCs as a condition of receiving loans or financial assistance. Or that this body intends to create a global monetary system based on CBDCs, which would undermine the autonomy and diversity of national economies.
In any case, what seems clear is that the IMF is not willing to accept the existence and growth of Bitcoin and other cryptocurrencies that represent an alternative to the traditional financial system, nothing that we do not already know. This body seems to ignore that these digital currencies have the support and trust of millions of people around the world, who use them as a store of value, a medium of exchange and a tool of empowerment. In the face of the war declared by the IMF, those of us who belong and feel part of the ecosystem and the crypto community, remain firm in defense of the freedom, innovation and decentralization that Bitcoin and the rest of the cryptocurrencies offer and represent.
This article is only a personal opinion and is not intended as financial, legal or professional advice. Like you, I am just another user in the ocean of the Internet, who seeks information, learns and shares her experiences. I am not an expert or a representative of any platform, company or project related to what I express here. Therefore, I recommend that you always do your own research, verify sources, compare data and consult with professionals before making any decision that may affect your privacy, money, time or security. Remember that every action has implicit risks and challenges that must be assumed with responsibility and caution.
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✍ Originally Posted: Publish0x