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IMF CALLS FOR “GLOBAL” CRYPTO REGULATION. The International Monetary Fund (IMF) used a recent blog post to call for a “global policy stance on cryptocurrencies that is comprehensive, coherent, and coordinated.”
IMF officials Tobias Adrian, Dong He, and Aditya Narain cited the fast rise of the digital asset market, in arguing for global regulations. The three argue that rising hazards need a comparable governmental response in the face of such expansion.
“The IMF’s mandate is to safeguard the stability of the international monetary and financial system, and crypto assets are changing the system profoundly,” the IMF said in a Friday blog post.
The IMF is closely tied to and allied with central banks around the world. That system has overseen the wholesale theft of the accrued savings of millions of average working people, via systematic money inflation that has allowed governments to engage in obscene levels of spending.
The U.S. is currently among those paying a heavy price in the form of general inflation, which is at its worst level in 40 years.
Many have pointed out that IMF guided policies including the infamous bank bailouts during the financial crisis of 2007-2008 was one of the motivations for the creation of Bitcoin, the first cryptocurrency.
More recently, the IMF was among entities pushing for inflationary stimulus spending during the COVID War, which devastated small and medium sized businesses and average workers while driving even more wealth into the hands of a relatively few global elites.
The Trends Journal covered that story in articles including “TECHNOCRATS WIDEN WEALTH GAP THANKS TO PANDEMIC” (13 Apr 2020), “EUROZONE NEEDS MORE STIMULUS SPENDING, IMF SAYS” (20 Apr 2021) and “BILLIONAIRES REAP PANDEMIC PROFITS” (9 Jun 2021).
The failures of the fiat system of which the IMF is an integral part, hasn’t stopped the entity from proclaiming the dangers of cryptos.
“Such risks underscore why we now need comprehensive international standards that more fully address risks to the financial system from crypto assets, their associated ecosystem, and their related transactions, while allowing for an enabling environment for useful crypto asset products and applications,” IMF officials wrote in their post.
They characterized global regulation as an urgent need, discounting the benefits that would come from different localities adopting strategies and competing to see which kinds of regulation could help the innovative technology succeed best and grow and preserve wealth for average people hammered by fiat money controllers.
Their post argued:
“There is an urgent need for cross-border collaboration and cooperation to address the technological, legal, regulatory, and supervisory challenges. Setting up a comprehensive, consistent, and coordinated regulatory approach to crypto is a daunting task. But if we start now, we can achieve the policy goal of maintaining financial stability while benefiting from the benefits that the underlying technological innovations bring.”
The IMF has previously railed against bitcoin, and in July tried to scare El Salvador away from adopting the crypto as legal tender. As the Trends Journal reported, the intimidation didn’t work.
International law allows countries to decide what they accept as legal tender.
The IMF has come out with arguments against bitcoin which are frankly laughable, considering that currencies including the dollar are currently undergoing devaluations that have left average people in shock at the erosion of how to store the value of their labor without having it siphoned away by inflation.
The IMF argued over the summer about bitcoin:
“If goods and services were priced in both a real currency and a crypto asset, households and businesses would spend significant time and resources choosing which money to hold as opposed to engaging in productive activities. Government revenues would be exposed to exchange rate risk if taxes were quoted in advance in a crypto asset while expenditures remained mostly in the local currency, or vice versa.”
Many analysts argue that nations already have regulations which can deal with crypto scams while not impeding a sector that is showing signs of generating tremendous innovations that can revitalize tired western economies.
“Regulators need to figure out what their stance is going to be—and hopefully it’s going to be a more reasonable and accommodative one,” Ashley Ebersole, a former SEC enforcement lawyer, said about the matter in an August 2021 interview.