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Nine Point Crypto Action Plan
March 6 , 2023
503 days
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- The International Monetary Fund has laid out a nine-point action plan for how countries should treat crypto assets.
- It was against to give cryptocurrencies such as bitcoin legal tender status safeguard monetary sovereignty.
- It was asked to guard against excessive capital flows.
- Instruction to adopt unambiguous tax rules and laws around crypto assets.
- Favour to developing and enforcing oversight requirements for all crypto market actors.
- Establishment of international arrangements to increase enforcement regulations.
- Setting up of methodologies to monitor the impact of cryptocurrency.
- Imposing taxes on organizations which using crypto.
- El Salvador in late 2021 became the first to adopt bitcoin as legal tender.
- It lost more than 60 million USD during its bitcoin experiment and faced an economic crisis and a very high deficit.
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