The International Monetary Fund has now acknowledged that Bitcoin and cryptocurrencies are a threat to their hegemonic power with regard to their current rule over the financial order.
As such, the IMF has now outlined a series of ways in which they aim to clamp down on their free market competition in order to maintain the fiat dystopia in which we live.
The nine point plan outlines several of their concerns, notably that Bitcoin could be used as legal tender (which they highly recommend against) as well as seeking stronger rules to restrict capital flows.
What does the IMF do?
The IMF claim that they play an important role in ensuring that there is financial stability amongst countries around the world
However, there are some, such as Max Keiser, who have labelled the IMF “financial terrorists” thanks to their policies of debt enslavement.
When the IMF “bails out” a developing country, it’s not local citizens who are being rescued—they just fall deeper into the debt trap—it’s, rather, *Western creditors* who are being saved
Here’s where you start to see that “assistance” to the Global South is in fact self-serving
— Alex Gladstein ⚡ (@gladstein) February 15, 2023
For example, some of the largest debtors to the IMF aren’t nations that the IMF has helped to get back on their feet, but nations whose debt burden has become utterly insurmountable directly because of the IMF’s intervention, who exacerbated the matter.
How does Bitcoin threaten the IMF?
It is worth noting that the IMF’s concern about cryptocurrencies threatening their hegemony is almost completely limited to Bitcoin, since they are not concerned about centralised technologies can they can be easily co-opted.
As Saifedean Ammous explains in The Fiat Standard, a rising bitcoin price means that rent seekers’ power gradually diminishes over time, as the relative influence that they wield falls.
El Salvador is the epicenter of "economic freedom, financial sovereignty, censorship resistance, unconfiscatable wealth & the end of kingmakers …"
"That's why they are fighting us so hard"
As President Bukele wrote in @BitcoinMagazine @thebtcmag https://t.co/SmMSTGlmX3 https://t.co/7JEBNVP38A pic.twitter.com/3qwKt7dwtH
— Stacy Herbert (@stacyherbert) February 23, 2023
The IMF’s policies towards Bitcoin thus far have been frosty, with the organisation lamenting the fact that El Salvador would no longer require financing from them, and being extremely vocal about how they believed the country would fail without their support. The country has now paid off all its debts and has turned to volcano bonds and other Bitcoin-related sources of financing that don’t come with pernicious loans tantamount to a supranational loan shark with nation states as customers.
- IMF Seeks Stronger Regulation of Cryptocurrency as Adoption in Africa Takes Hold
- El Salvador Bitcoin Risks “Have Not Materialised” Says IMF but Warns Against Expanding Exposure
- How to Buy Bitcoin – Beginner’s Guide
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