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The IMF Does Not Want Another Latin American Country To Adopt Bitcoin

imf-crypto

The International Monetary Fund (IMF) is now attempting to hinder the adoption of cryptocurrencies in another Latin American country, but the Argentines are refusing to listen.

“The adoption of bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis,” IMF spokesman Gerry Rice said at the time.

Argentina’s Chamber of Deputies adopted the initiative formulated together with the International Monetary Fund to refinance the country’s debt with the corporation last Friday (11), by 202 votes to 37.

The vote occurred after a night of intense debate, during which demonstrators flung stones and set fire in front of the Argentine Congress, recalling previous disastrous IMF treaties.

Argentina’s vice president Cristina Kirchner said in a video, “A small group of protesters began to attack Congress intensely with stones. The images you are seeing are from my office after the stones.”

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The bill enabling the debt refinancing includes the following controversial statement:

“The National Government, for a better safeguard of financial stability, will discourage the use of cryptocurrencies in the prevention of fraud and informality, in the same way, the digitization of payments will have official incentives and additional protection will be given to the financial consumer.”

In addition to making it clear to the Argentine government that the IMF prefers CBDCs over open-source protocol digital currencies, the agreement’s requirement, according to some in the country, suggests the establishment of regulations and measures that could delay the country’s adoption of cryptocurrencies.