The recent weakness in the crypto market has not invalidated the six-week-long ascending trend, even after a failed test of the channel's upper band on Feb. 21. The total crypto market capitalization remains above the psychological $1 trillion mark and, more importantly, cautiously optimistic after a new round of negative remarks from regulators. As displayed above, the ascending channel initiated in mid-January has room for an additional 3.5% correction down to $1.025 trillion market capitalization while still sustaining the bullish formation. That is excellent news considering the FUD — fear, uncertainty and doubt — brought down by regulators regarding the …

Last week was relatively calm regarding enforcement news but brought some peculiar local developments in regulation. United States Representative Tom Emmer introduced legislation in the U.S. House of Representatives that could prevent the Federal Reserve from issuing a central bank digital currency (CBDC). According to the Minnesota lawmaker, the bill could prohibit the Fed from issuing a digital dollar “directly to anyone,” bar the central bank from implementing monetary policy based on a CBDC, and require transparency for projects related to a digital dollar. The Canadian Securities Administrators published a notice describing new commitments it expects from crypto asset trading …

The International Monetary Fund would prefer to differentiate and regulate crypto assets rather than enforce an outright ban, though the nuclear option will remain on the table for now. Speaking on the sidelines of the G20 finance ministers meetings in Bengaluru, India, IMF Managing Director Kristalina Georgieva explained how the United Nations financial agency views digital assets and what it would like to see in terms of regulation. “We are very much in favor of regulating the world of digital money,” and this is a top priority, she stated. During an interview with Bloomberg published on Feb. 27, she responded …

United States Treasury Secretary Janet Yellen stressed the importance of implementing a strong regulatory framework for cryptocurrencies during a G20 meeting on Feb. 25. Speaking to Reuters, Yellen said that it was "critical to put in place a strong regulatory framework." She also noted that the United States is not suggesting an "outright banning of crypto activities." Yellen's remarks follow earlier ones from the International Monetary Fund (IMF) Managing Director Kristalina Georgieva, stating that banning crypto should be an option: "There has to be very strong push for regulation... if regulation fails, if you're slow to do it, then we …

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. The best #Bitcoin promotion. https://t.co/vwW6YdzBhJ — Dennis Parker (@Xentagz) February 23, 2023 From expressing their support for Bitcoin …

The executive board of the International Monetary Fund (IMF) has assessed a paper on crypto asset policy published by the fund and expressed its agreement with its proposed policy framework. The paper, titled “Elements of Effective Policies for Crypto Assets,” developed framework of nine policy principles that addressed macro-financial, legal and regulatory, and international coordination issues. The proposed principles were mainly quite broad, emphasizing analysis, monitoring and guarding. The paper explicitly said the proposals should be taken up by “the Directors.” The first principle did contain a concrete injunction. It read: “Safeguard monetary sovereignty and stability by strengthening monetary policy …

After a visit to El Salvador, the International Monetary Fund (IMF) suggested that the country reconsider its plans to increase exposure to Bitcoin (BTC). The community responded to the IMF’s suggestion with various messages calling out to the organization. From dismissing the IMF's suggestion as a simple "FUD," to interpreting it as a strong bullish signal for BTC, various crypto community members went to social media to express their sentiments on the IMF's efforts to discourage El Salvador's plans for Bitcoin. In a tweet, one community member argued that IMF’s move is a way to “scare other countries away” from …

El Salvador has been advised to exercise caution in expanding government exposure to Bitcoin (BTC) due to the “speculative nature” of crypto markets by the global monetary watchdog. A Feb. 10 statement from the International Monetary Fund (IMF) emphasized that Bitcoin’s risks in El Salvador have “not materialized” yet due to its “limited” use so far, after IMF staff visited the country last week. It was suggested that El Salvador address these risks as Bitcoin’s use “could grow” given it has been recognised as legal tender in the country since Sept. 2021. El Salvador was warned to re-evaluate its plan …

The International Monetary Fund (IMF) is calling for increased regulation of Africa's crypto markets, one of the fastest-growing markets in the world, the global institution blog reported on Nov. 22. Among the reasons why countries in the region should embrace regulation, the monetary fund cited the collapse of FTX and its ripple effect in cryptocurrencies prices, which is "prompting renewed calls for greater consumer protection and regulation of the crypto industry." Moreover, the authors argue that "risks from crypto assets are evident" and "it’s time to regulate" to find a balance between minimizing risk and maximizing innovation. Based on the …

Is the International Monetary Fund (IMF) really hostile to crypto? Many in the cryptocurrency/blockchain space think so. In January, the fund asked El Salvador to drop Bitcoin (BTC) as legal tender. In May, it reportedly pressured Argentina to curtail crypto trading as the price for an IMF loan extension, and it also recently warned the Republic of the Marshall Islands (RMI) that raising a digital currency to the status of legal tender could “raise risks to macroeconomic and financial stability as well as financial integrity.” “I do believe that the IMF is an implacable foe of crypto,” David Tawil, president …

While last week brought no troubles from the market side of the crypto industry — no operations frozen, no bankruptcies filed — the United States regulators made some explicitly negative statements. Recently appointed U.S. Federal Reserve Board vice chair for supervision Michael Barr pledged to “ensure that crypto activity inside banks is well regulated, based on the principle of the same risk, same activity, same regulation, regardless of the technology used for the activity.” In Barr’s opinion, people “may come to believe that they understand new products only to learn that they don’t.” Michael Hsu, an acting Comptroller of the …

Governments across the globe see central bank digital currencies (CBDC) as a means to improve the existing fiat ecosystem. Cryptocurrency’s technical prowess supported by the central bank’s underlying trust is key to enabling a rich monetary ecosystem, suggests an International Monetary Fund (IMF) publication. “Digital technologies promise a bright future for the monetary system,” reads the publication attributed to IMF deputy managing director Agustín Carstens and BIS executives Jon Frost and Hyun Song Shin. A BIS study from June revealed that cryptocurrencies outdo fiat ecosystems when it comes to achieving the high-level goals of a future monetary system. Some of …