IMF says no crypto as legal tender; community disagrees

A community member believes that the space will look back to this moment once it succeeds in making the world decentralized.

The International Monetary Fund (IMF) recently made another anti-crypto move, opposing crypto becoming a legal tender. In response, crypto community members quickly fired back and expressed disagreement on Twitter. 

The IMF’s executive board recently endorsed a crypto asset policy framework that did not grant 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 community members 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 realize that Bitcoin is the only way to do this.

A community member 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, Twitter user and Bitcoiner Carl B Menger expressed happiness that countries are independent of the IMF and can “do their best for their citizens.” Another crypto community member believes this is another historical moment 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 expressed opposition to crypto being adopted as legal tender. On Feb. 15, crypto community members 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.