IMF: Bitcoin should not be used as legal tender

On November 23, the International Monetary Fund (IMF) released a staff summary statement for the 2021 Article IV Mission (2021 Article IV Mission). “In view of the high price volatility of Bitcoin, its use as a legal tender will bring significant risks to consumer protection, financial integrity and financial stability. Its use will also generate financial contingent liabilities.” The IMF statement said, “because of With these risks, Bitcoin should not be used as legal tender. The staff suggested reducing the scope of application of Bitcoin law and urged to strengthen the supervision of the new payment ecosystem.” (Bloomberg)

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