{"id":197930,"date":"2021-08-31T05:00:36","date_gmt":"2021-08-31T04:00:36","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=197930"},"modified":"2022-07-26T03:17:48","modified_gmt":"2022-07-26T02:17:48","slug":"imf-releases-bitcoin-btc-risk-warning-again","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/imf-releases-bitcoin-btc-risk-warning-again\/","title":{"rendered":"IMF releases Bitcoin (BTC) &#8216;risk&#8217; warning\u2026 again"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Bitcoin (<\/span><a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">), the world\u2019s largest cryptocurrency, is getting adopted as a legal tender in El Salvador in eight days but as the Central American country goes through its final days of <\/span><a href=\"https:\/\/cryptoslate.com\/200-bitcoin-atms-installed-in-el-salvador-ahead-of-legal-tender-adoption\/\"><span style=\"font-weight: 400;\">preparation<\/span><\/a><span style=\"font-weight: 400;\">, being eagerly observed by other countries, some of which are <\/span><a href=\"https:\/\/cryptoslate.com\/regional-el-salvador-bank-waits-on-bitcoin-btc-to-lower-remittance-costs\/\"><span style=\"font-weight: 400;\">considering<\/span><\/a><span style=\"font-weight: 400;\"> to follow in its footsteps, the International Monetary Fund (IMF) refreshes its warning on Twitter.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Along with the <\/span><a href=\"https:\/\/cryptoslate.com\/the-world-bank-wants-no-part-in-el-salvadors-bitcoin-revolution\/\"><span style=\"font-weight: 400;\">World Bank<\/span><\/a><span style=\"font-weight: 400;\">, the intergovernmental financial body has been expressing its disapproval of El Salvador\u2019s crypto legislation since the get-go, raising <\/span><a href=\"https:\/\/cryptoslate.com\/imf-sounds-legal-economic-alarms-over-el-salvadors-bitcoin-adoption\/\"><span style=\"font-weight: 400;\">alarms<\/span><\/a><span style=\"font-weight: 400;\"> about economic and legal risks threatening the country if Bitcoin becomes an official legal tender.<\/span><\/p>\n<h2><strong>A step too far<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">\u201c\u200b\u200bPrivately issued crypto-assets like Bitcoin come with substantial risks. Making them equivalent to a national currency is an inadvisable shortcut,\u201d read the IMF\u2019s latest warning posted on Twitter, with a link to last month\u2019s blog.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Privately issued cryptoassets like Bitcoin come with substantial risks. Making them equivalent to a national currency is an inadvisable shortcut. Read more in our <a href=\"https:\/\/twitter.com\/hashtag\/IMFBlog?src=hash&ref_src=twsrc%5Etfw\">#IMFBlog<\/a> by the IMF\u2019s Tobias Adrian and <a href=\"https:\/\/twitter.com\/RhodaWeeksBrown?ref_src=twsrc%5Etfw\">@RhodaWeeksBrown<\/a>: <a href=\"https:\/\/t.co\/r1NwBuyAq8\">https:\/\/t.co\/r1NwBuyAq8<\/a> <a href=\"https:\/\/t.co\/Sk9tOjvhD6\">pic.twitter.com\/Sk9tOjvhD6<\/a><\/p>\n<p>&mdash; IMF (@IMFNews) <a href=\"https:\/\/twitter.com\/IMFNews\/status\/1431799965521625090?ref_src=twsrc%5Etfw\">August 29, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Written by monetary and capital markets department director Tobias Adrian and legal department head Rhoda Weeks-Brown, the <\/span><a href=\"https:\/\/cryptoslate.com\/after-el-salvador-warning-imf-says-accepting-bitcoin-as-national-currency-is-a-step-too-far\/\"><span style=\"font-weight: 400;\">blog<\/span><\/a><span style=\"font-weight: 400;\"> post covers a host of risks that are threatening those countries that decide to legalize \u201cprivately issued tokens\u201d as the national currency.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While recognizing the \u201cadvantages of their underlying technologies,\u201d the authors insist that cryptocurrencies shouldn\u2019t be adopted to such an extent, stating such boldness is a \u201cstep too far.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In most cases, the risks of such adoption outweigh its benefits, warned the authors, who underlined that recognizing Bitcoin as a national currency poses a threat to financial integrity in countries with weak anti-money laundering and counter-terrorism financing (AML\/CFT) measures.<\/span><\/p>\n<h2><strong>An inadvisable shortcut<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">While the biggest part of the blog was dedicated to warnings about financial and legal risks surrounding Bitcoin adoption, the authors also addressed the looming environmental and economic threats.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Adrian and Weeks-Brown underscored the adverse ecological implications of Bitcoin mining that utilizes \u201can enormous amount of electricity\u201d and warned about how crypto adoption could compromise consumer protection and negatively impact domestic prices.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the IMF, adopting Bitcoin as a national currency presents \u201can inadvisable shortcut\u201d for a way out of the spiraling economic crisis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin adoption can provide a fast and effective <\/span><a href=\"https:\/\/cryptoslate.com\/el-salvadors-bitcoin-bill-has-5-key-benefits-says-bank-of-america\/\"><span style=\"font-weight: 400;\">solution<\/span><\/a><span style=\"font-weight: 400;\"> for currently struggling economies, by instantly cutting out high costs of remittances, allowing financial inclusion for unbanked citizens, attracting foreign investors, and, in some cases, bypassing burdensome <\/span><a href=\"https:\/\/cryptoslate.com\/cuba-jumps-on-bitcoin-btc-bandwagon-considers-legal-recognition\/\"><span style=\"font-weight: 400;\">sanctions<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">El Salvador\u2019s president Nayib Bukele, who <\/span><span style=\"font-weight: 400;\">ushered the legislation through parliament in <\/span><a href=\"https:\/\/cryptoslate.com\/bitcoin-is-now-legal-tender-in-el-salvador\/\"><span style=\"font-weight: 400;\">June<\/span><\/a><span style=\"font-weight: 400;\">, took the opportunity to state he is not shedding tears over the IMF\u2019s disapproval.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"und\" dir=\"ltr\">? <a href=\"https:\/\/t.co\/bONTIgIiE5\">https:\/\/t.co\/bONTIgIiE5<\/a><\/p>\n<p>&mdash; Nayib Bukele ?? (@nayibbukele) <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/1432120137398767620?ref_src=twsrc%5Etfw\">August 29, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Following the IMF\u2019s initial warnings, Bukele <\/span><a href=\"https:\/\/cryptoslate.com\/nothing-will-stop-bitcoin-in-el-salvador-says-president-after-imf-world-bank-criticism\/\"><span style=\"font-weight: 400;\">said<\/span><\/a><span style=\"font-weight: 400;\"> nothing will stop Bitcoin adoption in El Salvador. And, thus far, nothing has.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC), the world\u2019s largest cryptocurrency, is getting adopted as a legal tender in El Salvador in eight days but as the Central American country goes through its final days of preparation, being eagerly observed by other countries, some of which are considering to follow in its footsteps, the International Monetary Fund (IMF) refreshes its [&hellip;]<\/p>\n","protected":false},"author":699,"featured_media":197862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,60793,77911,11],"tags":[76769],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IMF releases Bitcoin (BTC) &#039;risk&#039; warning\u2026 again<\/title>\n<meta name=\"description\" content=\"As El Salvador goes through its final days for adopting Bitcoin as the official national currency, the IMF refreshes its warning.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/imf-releases-bitcoin-btc-risk-warning-again\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF releases Bitcoin (BTC) &#039;risk&#039; warning\u2026 again\" \/>\n<meta property=\"og:description\" content=\"As El Salvador goes through its final days for adopting Bitcoin as the official national currency, the IMF refreshes its warning.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/imf-releases-bitcoin-btc-risk-warning-again\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-31T04:00:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-26T02:17:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/08\/imf-bitcoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ana Grabundzija\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ana Grabundzija\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/imf-releases-bitcoin-btc-risk-warning-again\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/imf-releases-bitcoin-btc-risk-warning-again\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/#person\",\"name\":\"Ana Grabundzija\",\"url\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/cs-author-ana-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/cs-author-ana-300x300.jpg\",\"caption\":\"Ana Grabundzija\"},\"jobTitle\":\"Journalist\",\"description\":\"Dr. Ana Grabundzija is a Zagreb-bred writer with an academic background in anthropology. 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