Bitcoin BTC, Ethereum and other major cryptocurrencies have exploded in recent weeks as the market prepares for a $15 trillion earthquake.
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Bitcoin has nearly doubled in price this year (on fears that the investment “window” may be closing) as traders abandoned smaller cryptocurrencies in favor of bitcoin and its closest rival, Ethereum, after the US crackdown, some People believe that this is part of a conspiracy to destroy the market. ,
Now, as the world’s largest asset manager is leading a surprising Wall Street charge into bitcoin and crypto, the International Monetary Fund (IMF) has suddenly softened its previous attitude towards crypto sanctions, warning that They “may not be effective.”
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More from Forbes ‘Open the floodgates’ – crypto billionaire warns ‘window’ is ‘closing fast’ amid $100 billion bitcoin and ethereum price surge by Billy Bumbrow
The International Monetary Fund (IMF) has softened its stance towards cryptocurrencies… [+] Major Wall Street heavyweights help fuel bitcoin, ethereum and crypto price rally.
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In a blog post discussing central bank digital currency (CBDC) adoption and crypto regulation, three senior IMF economists wrote, “While some countries have outright banned crypto assets in view of their risks, this The approach may not be effective in the long run.”
China cracked down on bitcoin, ethereum and other cryptocurrencies in 2021, driving bitcoin and crypto miners out of the country and briefly crashing the market before crypto companies established themselves in the US and around the world.
The IMF has clashed with El Salvador since the country granted legal tender status to bitcoin in 2021, and warned of “inherent risks to financial integrity and stability, fiscal stability and consumer protection”.
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More from Forbes ‘Open the floodgates’ – crypto billionaire warns ‘window’ is ‘closing fast’ amid $100 billion bitcoin and ethereum price surge by Billy Bumbrow
Bitcoin price has soared again this year, more than doubling from its 2022 low, as Wall Street-fueled… [+] The jump in the price of bitcoin, ethereum and crypto affected the market.
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Earlier this year, the IMF said that “clearly [crypto] sanctions should not be ruled out,” and called for a “coordinated response” to the rise of crypto, warning that it could undermine the global monetary system.
The IMF’s soft stance towards crypto comes as the US has launched a crypto crackdown in the wake of a 2022 market meltdown that wiped out $2 trillion in value and ended with the explosion of major exchange FTX.
Source: www.forbes.com
