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Bitcoin

The director of the International Monetary Fund says Bitcoin is not money

October 6, 2021 - Around 1 mins mins to read

During a virtual event organized by Italy’s Bocconi University, Kristalina Georgieva, Executive Director of the International Monetary Fund (IMF), said that Bitcoin cannot be recognized as a currency.

The director of the International Monetary Fund says Bitcoin is

Kristalina Georgieva, Managing Director of the IMF

Georgieva claims that cryptocurrencies like Bitcoin are too volatile to fulfill such a role.

She said 110 countries among the IMF members would at some point look into central bank digital currencies (CBDCs) and a key challenge was to ensure the interoperability of digital currencies.

“In fact, assets like Bitcoin are not backed by constant value assets, they can go up and down dramatically. In the history of money, it is very difficult to see it as money, ”said Georgieva.

As Cointelegraph reported, IMF economists have outlined a number of risks related to the rise of digital currencies.

Georgieva, who has led the IMF since 2019, is currently embroiled in a major scandal involving data fraud to improve China’s ranking while serving as the CEO of the World Bank (WB).

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Sherlock Holmes

According to AZCoin News

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#Bitcoin

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Bitcoin

The director of the International Monetary Fund says Bitcoin is not money

During a virtual event organized by Italy’s Bocconi University, Kristalina Georgieva, Executive Director of the International Monetary Fund (IMF), said that Bitcoin cannot be recognized as a currency.

The director of the International Monetary Fund says Bitcoin is

Kristalina Georgieva, Managing Director of the IMF

Georgieva claims that cryptocurrencies like Bitcoin are too volatile to fulfill such a role.

She said 110 countries among the IMF members would at some point look into central bank digital currencies (CBDCs) and a key challenge was to ensure the interoperability of digital currencies.

“In fact, assets like Bitcoin are not backed by constant value assets, they can go up and down dramatically. In the history of money, it is very difficult to see it as money, ”said Georgieva.

As Cointelegraph reported, IMF economists have outlined a number of risks related to the rise of digital currencies.

Georgieva, who has led the IMF since 2019, is currently embroiled in a major scandal involving data fraud to improve China’s ranking while serving as the CEO of the World Bank (WB).

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Sherlock Holmes

According to AZCoin News

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

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