IMF Advises Against Crypto as Legal Tender in Marshall Islands Report
The IMF says the Republic of the Marshall Islands should reconsider introducing a cryptocurrency as a second legal tender over perceived risks.
A new IMF paper suggests that cash and bank deposits could be left behind as digital money and fiat-pegged cryptos see greater adoption.
The International Monetary Fund and the World Bank have launched an internal crypto token to fill a "knowledge gap" around blockchain tech.
Digital currencies do not yet meet the criteria to become a viable alternative to the greenback, according to the IMF's Gita Gopinath.
Decentralized systems are coming for the banks, argued Circle CEO Jeremy Allaire, in a panel Wednesday at the International Monetary Fund.
Christine Lagarde, head of the IMF, encouraged the exploration of central bank digital currencies in a speech on Wednesday.