IMF chief: bitcoin is not money

Kristalina Georgieva believes that the main cryptocurrency can become a means of payment in the future, but for nowshe is far from it.

Managing Director of the International MonetaryFoundation Kristalina Georgieva stated that bitcoin cannot be classified as money. According to Georgieva, the main cryptocurrency in the future may become a means of payment, but now the coin is far from that. The use of bitcoin as a means of payment in El Salvador will make it difficult to collect taxes and form prices for goods and services, the head of the IMF said.

Georgieva also expressed the opinion that nationalcentral bank currencies (CBDCs) will become the safest form of payment. The IMF should provide countries with a platform that will ensure interoperability of many CBDCs in the future, Georgieva said.

On July 27, the IMF listed the threats posed byadoption of decentralized cryptocurrencies like bitcoin as national ones. The fund representatives pointed out that countries in which cryptocurrencies have the status of national currency or legal tender may receive internal volatile prices, as well as the inability to fight money laundering and terrorist financing.

In June of this year, El Salvador became the first in the worlda country that at the state level legalized the circulation of bitcoin and endowed it with the status of an official means of payment, on a par with the US dollar.

Last year, the International Monetary Fund argued that cryptocurrencies could be the next step in the evolution of money.

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