So Crypto Cannot Be A Legal Tender

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Avatar for rezoanulvibes
1 year ago

You wake up in the morning and see the IMF becomes a big fan of crypto. Maybe you are still sleeping and that's a dream. The International Monetary Fund (IMF) will always hold its position as an anti-crypto. It is normal you will not hear anything positive about crypto from the IMF.

They think no cryptocurrency should be an official and legal tender. The crypto community reacted in different ways because of their stance. Someone compared it with the fax machine and email. The fax machine can complain and say email is not legal. It will not stop email to do its thing.

When El Salvador made the brave move to accept Bitcoin as legal tender, the IMF raised questions about it. They are worried about El Salvador's exposure to Bitcoin and suggested considering it carefully before making more exposure to Bitcoin.

I think the stance against crypto is about the power and control that they have built for a long time. Crypto gives people freedom and control. The powerful centralized authority will not let go of its power and control easily. I will not be surprised to see more action against crypto.

Crypto did not bring the financial crisis in 2008. The existing financial system was messed up back then. While talking about financial stability, those powerful centralized entities point their fingers at crypto as if cryptocurrency is the root of all evil.

We have crypto and I do think that's a blessing. You can build your wealth outside of the existing financial system. You hold your cryptos in your wallet. The most powerful thing is, you have the private key and no one can take your crypto assets away from you.

When countries realize what crypto can do for them, make Bitcoin legal tender, and embrace crypto, you cannot expect those centralized entities to support that. Crypto will make its own way to going forward. Do you think innovation and development will be stopped in the crypto industry?

No matter what they do to make the distance, the distance will reduce and people will keep embracing crypto in their life. Holding crypto will become a common thing like having houses, lands, and other assets.

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Avatar for rezoanulvibes
1 year ago

Comments

Yeah I understand, that its the reason they are trying so hard to stop the movement, but I don't think they are going to win.

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1 year ago

I don't know why the Government are so scared of cryptocurrency. Meanwhile, some of them are into it secretly.

But I'm so sure that they can't stop a moving train, crypto has come to stay.

Thank you for sharing your knowledge

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1 year ago

The government can control the fiat currency, but crypto is decentralized and hard to control. Frankly speaking, they have no control over decentralized crypto like Bitcoin. They may lose their power and that's scary for them.

Thank you for taking the time to read my post and giving your feedback!

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1 year ago