IMF Is Being Misrepresented By Uninformed Influencers

The International Monetary Fund has published an old training video that briefly explains what cryptocurrency is and why you need it. The community didn’t approve it.

IMF remembered about Bitcoin

The two-minute video, originally posted in June 2018, reappeared on the IMF’s Twitter account over the weekend. In the video, the presenter briefly talks about the advantages and disadvantages of the new form of money. It is noteworthy that in the video, digital coins are called “the next stage in the evolution of money.”

Previously, the IMF assessed the pros and cons of central bank digital currencies (CBDC).

Among the advantages, the IMF listed the absence of intermediaries, reduced transaction processing time, lower fees and more reliable protection of confidential data from hacking. The IMF believes that the main disadvantage of the new form of money is its volatility and anonymity. Cryptocurrency transactions are difficult to trace, so criminals can use it to cover their financial trail, the video says.

According to topforextradingbrokers.com the video indeed requires some review, because it looks unprofessional and lacks strong educational base.

IMF will not teach good

The video got over 137 thousand views, 2900 retweets and over 6000 likes. For example, it was retweeted by Changpeng Zhao, head of the world’s largest cryptocurrency exchange Binance. 

However, the old video caused a lot more negativity in the community. Many users attacked the IMF for inaccurate and incomplete information. Specifically, Pierre Rochard, Bitcoin strategist at Kraken, noted that Bitcoin is a scarce asset, and that is what makes it attractive. However, the IMF forgot to mention this fact.

In addition, many people did not like that the IMF used general language, avoiding specific names. In particular, the video did not mention such terms as distributed ledger and blockchain, as well as the names of coins.

In addition to constructive criticism, there was an avalanche of comments that the IMF will not teach anything good, and that everything that comes from the establishment should be taken with scepticism.

Well, as usual, Bitcoin supporters and XRP fans did not miss the opportunity to once again clash in a verbal skirmish, proving whose coin is the best.

Cryptocurrencies could be the next step in the evolution of money, according to an educational video from the International Monetary Fund.

An IMF spokeswoman said that digital money solves the problems of the existing financial system. In particular, thanks to decentralization and cheaper and faster transactions. Once again, the video never mentions the word blockchain, and Bitcoin (BTC), Ethereum (ETH) and XRP appear only once on a slide illustrating transfers in cryptocurrency.

“If we can reduce the risks, who knows, perhaps this (cryptocurrency) will be the next step in the evolution of money,” the International Monetary Fund concluded.

Last April, the IMF pointed out Ripple as an alternative payment processing option in its new report on fintech in Africa. The organization published a document advising that DLT systems can be used to efficiently process foreign payments. Also, the development of the blockchain team can be supported by international banks and payment companies.

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