Bitcoin freaks out the IMF: anti-Russian sanctions could accelerate dedollarization

The end of the petro-dollar? – The International Monetary Fund (IMF) regularly does everything possible to save the hegemony of the American dollaras shown in particular his repeated threats against El Salvador. The adoption of Bitcoin (BTC) as national currency was perceived as an insult by the supranational institution. Logically, the IMF perceives the recent monetary events around the punishments against Russia with great worry.

The US dollar remains at the top of the podium, but takes nasty blows

the International Monetary Fund spares no effort to systematically denigrated bitcoin and cryptocurrencies, and to discourage as much as possible their adoption. It was therefore certainly with horror that the organization learned that Russia, not only would boycott the dollar (and the euro) in its international trade, but mostly would accept bitcoinin addition to the ruble and the national currencies of its “friendly” countries (notably the chinese yuan).

This consequence of the conflict in Ukraine, and above all of the economic sanctions unprecedented against Russia, pushes Gita Gopinathfirst deputy managing director of the IMF, sounded the alarm.

In an interview with the Financial Times, the IMF executive is concerned that some countries no longer use the dollarr for their international exchanges:

“The dollar would remain the primary global currency even in this landscape, but a breakout [de cette prédominance] at smaller levels is certainly quite possible. We are already seeing this with some countries renegotiating the currency in which they are paid for trade [transfrontalier]. »

The IMF will do anything to save the dollar from the bad cryptos.

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The IMF denounces bad cryptos (again), and glorifies MNBCs

The manager of the financial institution, however, does not wonder for a second about Why Russia acts like this: because of the freezing of its foreign exchange reserves in dollars/euros – a blocking not very seller moreover, for reserve currencies that lose all their meaning.

Instead, Ms. Gopinath prefers tap on bitcoin cryptocurrencies (it’s easier). Thus, the head of the IMF regrets that these sanctions could accelerate the advent of digital finance. Although she wholeheartedly endorses the central bank digital currencies (MNBC), the banker wishes to accelerate the regulatory response in the face of the rise of crypto-assets (especially if they are decentralized).

“All of this will come under even greater scrutiny following recent events, which brings us to the issue of international regulation [sur les cryptomonnaies]. There is a void there that needs to be filled. »

In the meantime being able to put heavy regulatory chains to Bitcoin and its ilk, the IMF is trying by all means to retaliation possible to to slow down their adoption. The IMF has thus shamelessly engaged in blackmail against Argentina, asking the authorities to discourage the use of cryptocurrenciesin exchange for accepting debt arrangements of the country in the throes of hyperinflation. While twisting their arms, these supranational financiers then wonder why the world (apart from the USA) wants to dedollarize.

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