IMF Report Views ‘Cryptoization’ as Threat to Global Economy

IMF Report Views ‘Cryptoization’ as Threat to Global Economy
The International Monetary Fund (IMF) is worried about the “cryptoization” of the developing world.In its Global Financial Stability Report, which it released Tuesday, the global financial institution said that cryptoization – the use of foreign or digital currency by a country—carries “significant risks and is an inadvisable shortcut” for developing countries trying to boost their economies.The IMF report said that cryptoization, such as El Salvador’s recent adoption of bitcoin as legal tender, could hamper central central banks’ efforts to set monetary policy, cause liquidity risks and destabilize economies.Although the report doesn’t name El Savador, the IMF has said repeatedly that…