Has Litecoin (LTC) Been Recognized by the IMF as a Legitimate Payment Token?
- The IMF report which refers to Litecoin as being a payment token dates back to October 2018.
- As many of our regular readers are probably already aware of, the Litecoin ecosystem recently underwent a ‘halving’, as a result of which, block rewards associated with the currency have now dropped to 12.5 LTC.
As per a tweet released by the co-founder of the Litecoin Foundation — Xinxi Wang — a few days back, a spokesperson for the International Monetary Fund (IMF) recently referred to Litecoin as a payment token.
However, this news has not been received with the fervour that one might have expected, since many from within the global crypto community still have their doubts regarding this announcement.
— Xinxi Wang (@TheRealXinxi) August 7, 2019
The problem stems from the fact that the report which Xinxi is using to back his claims is from late last year. However, looking at the document, one has to admit that it clearly refers to LTC as being a digital method of payment.
Many skeptics have pointed out that there was no reason for Xinxi to wait for nearly 10 months before making this announcement.
Similarly, a lot of people believe that LTCs name was used in the report simply as an example and not as a standalone case. While Litecoin has been mentioned in above stated IMF report, none of the officials working for the organization have ever come forth and recognized the digital currency as such.
With that being said, the IMF seems to have an open mind towards crypto and is willing to make such a recognition in the future.