1944 marked the founding of the International Monetary Fund (IMF). About 190 countries in its membership rely on it for exchange rate stabilization. In response to the emergence of cryptocurrencies over a decade ago, the International Monetary Fund (IMF) emphasized that this development can make the financial system of countries porous since the market is not regulated. IMF sanctions El Salvador suffered IMF sanctions for adopting Bitcoin as a legal tender and making purchases of more Bitcoin during dips. Just a few weeks ago, the Central African Republic (CAR) joined El Salvador in adopting Bitcoin as a legal tender. This action brought a lot of criticism to the government of CAR by the International Monetary Fund and other international institutions. The fear of IMF sanctions could impact negatively on the speedy adoption of cryptocurrencies in the following ways: Fear of open support for cryptocurrencies by countries Imposition of laws preventing citizens from participating in Crypto activities Fear of Open Support for Cryptocurrencies by Countries The membership had 190 countries in total. Due to the fear of sanctions, only a few countries in the membership adopted cryptocurrencies as legal tender. They worried these IMF sanctions would prevent them from accessing international loans during any financial crisis. Different countries that understand the importance of cryptocurrencies in the long term seek this support to ali...
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