IMF says no crypto as legal tender; community disagrees

The International Monetary Fund (IMF) recently made another anti-crypto move, expressing its opposition to crypto becoming a legal tender. In response to this, members of the crypto community were quick to fire back, going on Twitter to express disagreement. 

The executive board of the IMF recently endorsed a crypto asset policy framework that included not granting crypto assets an official currency or legal tender status. The executives agreed with the framework and highlighted that it’s a necessary move to safeguard monetary stability. 

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From expressing their support for Bitcoin (BTC) to comparing the situation to other technological advancements, various members of the community fired back at the IMF’s attempt to discredit crypto as a legal tender.

According to one Twitter user, the IMF will never be able to accept BTC simply because they do not want any competition. On the other hand, another community member believes that governments who want to "exit debt slavery to central banks" will soon figure out that Bitcoin is the only way to do this.

A member of the community attempted to poke fun at the issue by comparing the IMF’s efforts to go against crypto to the fax machine complaining about the emergence of emails. They tweeted:

Meanwhile, Bitcoiner Carl Menger expressed happiness that countries are independent of the IMF and are able to “do their best for their citizens.” Another crypto community member believes that this is another historical moment that the community can look back on once it succeeds in making the world decentralized. 

Related: El Salvador’s ‘limited’ use of Bitcoin prevents forecasted risks, says IMF

The IMF has repeatedly been expressing its opposition to crypto being implemented as legal tender. On Feb. 15, members of the crypto community also voiced their opinions on the IMF pressuring El Salvador to reconsider their plans for Bitcoin. Some dismissed the news as “FUD,” while others interpreted it as a strong bullish signal for BTC.