Cryptocurrency ‘Could Be The Next Step In The Evolution Of Money,’ Says IMF
In its latest crypto shilling video, the International Monetary Fund (IMF) clubbed every cryptocurrency in one bundle with the focus on payments.
It doesn’t differentiate bitcoin from others, combining certain properties of the largest digital asset with other cryptos.
“It sounds like they're gaslighting the general populace to prepare them for an IMF coin,” commented Samson Mow, CSO at Blockstream on the explainer.
Talking about the “special currency” that solve the problems presented by the traditional system, where the payment is processed by a bank or credit card company that takes a cut of the transaction, is time-consuming and expensive, and needs to be trusted with our sensitive data, cryptos are secure and based on the science of cryptography, IMF explains.
They remove the middleman and broadcast the transaction to the entire network, recording it in a permanent way meaning “it’s almost impossible to fool the system,” states the video covering “What are cryptocurrencies?”
With cryptos, transactions are faster, but they can’t process large amounts quickly yet, and even those people who don’t have bank accounts can buy or sell goods and participate in the global economy, it explains.
But the international organization was back to chanting the risk of transactions in most cryptocurrencies being anonymous with some even being untraceable, making it “easier for bad guys to make payments without being noticed.”
And of course, if you lose your password you lose all your money. “If someone can help you recover your money, it's not your money,” counters Mow.
Not to forget, they are still “highly volatile,” (but not more so than stock markets are currently thanks to the central bank and government). And they are also not even widely accepted, reminded the IMF. IMF states,
“But if we counter the risks, then this new technology or some variation of it can completely change the way we sell, buy, save, invest, and pay our bills.”
What’s not covered is Bitcoin is already there, becoming a new investment class and increasingly becoming a part of the portfolios, that has been attributed to be an inflation hedge and a store of value.
Crypto “could be the next step in the evolution of money,” concludes the video.