The International Monetary Fund (IMF) has released a video explaining what cryptocurrencies are, prompting heated debate on social media. Although the video was met with a generally positive response, many Twitter users expressed their suspicions about whether there’s something hiding behind the video. According to some users, the IMF decision to release the video might be because the organization is planning to launch its own cryptocurrency in the near future.
The role of the International Monetary Fund is to promote monetary cooperation between its 189 countries in order to ensure financial stability and economic growth around the globe. Whether creating its own cryptocurrency is something this organization can/should do remains the questions. Nevertheless, the IMF cryptocurrency explanation video is clear proof that the organization is planning to focus more on the crypto universe in the future.
IMF Cryptocurrency Explanation Video
The IMF video talks about cryptocurrencies in a positive light, although it does point out some major dangers of using them for monetary payments. The biggest advantages of cryptos, according to the IMF, are lower costs of transactions, as well as higher transaction speeds.
When it comes to the risks of cryptocurrencies, the video talks about their volatility, which is much higher than with traditional fiat currencies. Another risk mentioned in the IMF crypto explanation video is the anonymity.
Although this is something that’s thought of as an advantage, the IMF argues that the anonymity of transactions makes cryptos a favorite tool of criminals. That’s the part of the video that Twitter users found most misleading. Some of them felt the need to mention that research has shown that fiat currencies are used 800x more than cryptos in moneylending schemes.
Twitter Reactions to IMF Video
The IMF cryptocurrency video was shared on Twitter on Sunday and has since had thousands of retweets and hundreds of comments, some positive, some not. One of the biggest issues the users had with the video is that it doesn’t mention any specific cryptos, nor does it answer what bitcoin is.
Considering that bitcoin is the world’s first and most popular cryptocurrency, Twitter crypto-enthusiasts feel the video should’ve mentioned it. For some, that’s a clear proof that the IMF has made a video in order to push its own cryptocurrency, a brand-new competitor of bitcoin.
Even though there are no reports of the IMF or any other international organization currently working on a global cryptocurrency, some Twitter users are certain of it.
Other users complained about the lack of discussion about cryptos’ provable, cryptocurrency mining, and so on.