[2019-03-21] Blockchains Have Merit, But Cryptocurrencies Won’t Take Over
They are spinning the issue to be suitable for their own goals.
In any case, this is what the IMF and the World Bank do. They lend 3rd world countries money, so much money that they know it will not have the ability to pay them back. Once this is achieved, they will have full control of that country's policies on governmental and financial matters. They will own that country.
What would occur if that country's citizens begin holding a currency which cannot be controlled? Who will have the last laugh?
The International Monetary Fund published a report on cryptocurrencies. Within the report titled Back-to-Basics, the Finance & Development experts explain some regular economic terms and concepts that readers encounter on a daily basis. The topic of cryptocurrency has become the first to be discussed by the Funds experts after a long hiatus.
In the report, the Fund attempted to provide a basic description of what cryptocurrencies are and how they function. However, it is hard to stay unbiased when it comes to the thorny concept of virtual money.
Even though we are nowhere near what could be considered mass adoption yet, digital assets are subjectively gaining in popularity. Many traditional financial institutions and tech companies are currently experimenting with blockchain technology and looking for ways to get engaged in the industry.
However, the International Monetary Fund officials are not on the same page in regards to the general excitement about this new budding concept of money. According to IMF economist Antoine Bouveret and assistant director Vikram Haksar, virtual coins do not fulfill basic functions of money, such as being a store of value, means of exchange, and unit of account.
Read in full https://beincrypto.com/imf-blockchains-have-merit-but-cryptocurrencies-wont-take-over/
IMF report https://www.imf.org/external/pubs/ft/fandd/2018/06/what-are-cryptocurrencies-like-bitcoin/basics.htm
In any case, this is what the IMF and the World Bank do. They lend 3rd world countries money, so much money that they know it will not have the ability to pay them back. Once this is achieved, they will have full control of that country's policies on governmental and financial matters. They will own that country.
What would occur if that country's citizens begin holding a currency which cannot be controlled? Who will have the last laugh?
The International Monetary Fund published a report on cryptocurrencies. Within the report titled Back-to-Basics, the Finance & Development experts explain some regular economic terms and concepts that readers encounter on a daily basis. The topic of cryptocurrency has become the first to be discussed by the Funds experts after a long hiatus.
In the report, the Fund attempted to provide a basic description of what cryptocurrencies are and how they function. However, it is hard to stay unbiased when it comes to the thorny concept of virtual money.
Even though we are nowhere near what could be considered mass adoption yet, digital assets are subjectively gaining in popularity. Many traditional financial institutions and tech companies are currently experimenting with blockchain technology and looking for ways to get engaged in the industry.
However, the International Monetary Fund officials are not on the same page in regards to the general excitement about this new budding concept of money. According to IMF economist Antoine Bouveret and assistant director Vikram Haksar, virtual coins do not fulfill basic functions of money, such as being a store of value, means of exchange, and unit of account.
Read in full https://beincrypto.com/imf-blockchains-have-merit-but-cryptocurrencies-wont-take-over/
IMF report https://www.imf.org/external/pubs/ft/fandd/2018/06/what-are-cryptocurrencies-like-bitcoin/basics.htm