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IMF says no crypto as legal tender; the community disagrees

by SuperiorInvest

The International Monetary Fund (IMF) recently took another step against cryptocurrencies, opposing cryptocurrencies becoming legal tender. In response, members of the crypto community quickly fired back and expressed disapproval on Twitter.

The IMF Executive Board recently approved the crypto-assets policy framework which did not grant crypto-assets an official currency or legal tender status. Executives agreed with the framework, stressing that it is a necessary step to ensure monetary stability.

Since voicing support for Bitcoin (BTC), comparing the situation to other technological advances, various members of the community shot back at the IMF’s attempt to discredit crypto as legal tender.

According to to one Twitter user the IMF will never be able to accept BTC simply because they don’t want any competition. On the other hand, another member of the community he believes that governments that want to “end debt slavery to central banks” will soon realize that Bitcoin is the only way to do that.

A member of the community they tried poking fun at the matter by comparing the IMF’s efforts to go against cryptocurrencies to a fax machine complaining about the rise of emails. They tweeted:

The user compares the situation with fax and e-mail. Source: Twitter

Meanwhile, Twitter user and Bitcoiner Carl B Menger expressed lucky that countries are independent of the IMF and can “do their best for their citizens”. Another member of the crypto community believes that this is another historical moment that the community can look back on once it succeeds in making the world decentralized.

Related: El Salvador’s ‘limited’ use of bitcoins prevents anticipated risks, IMF says

The IMF has repeatedly expressed opposition to the adoption of cryptocurrencies as legal tender. On February 15, members of the crypto community also expressed their views on the IMF pressuring El Salvador to rethink your bitcoin plans. Some dismissed the news as “FUD” while others interpreted it as a strong bullish signal for BTC.

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