IMF Criticizes the Central African Republic for Legalizing BTC

The Central African Republic has followed El Salvador’s lead in recognizing Bitcoin as legal tender. As expected, many financial institutions have criticized the decision. For example, the IMF has expressed its concern about the decision of the African state.

Bloomberg has reported quoting a representative of the International Monetary Fund that the organization will try to persuade the leadership of the CAR to repeal the law on BTC. The recognition of the crypto by another state adds pressure to the global financial system, which is already destabilized.

According to the IMF’s press office:

“The adoption of Bitcoin as legal tender in the CAR exacerbates problems related to market transparency and economic policy security.”

The Fund is ready to assist the authorities of the African state in solving financial problems, including those associated with the new law on the crypto sphere.