First El Salvador, now it’s bullying Argentina. The IMF coerces countries to suppress the usage of crypto by withholding funding. After an enjoyable month-long stay in Argentina, I have returned home feeling both enriched and recharged. Having lived in the country before, I have come to appreciate the unique experiences it offers and the valuable lessons it teaches. Jokingly, I would say that Bitcoin is a legal tender in Argentina, though the government has yet to realize it - t he IMF's recent interest in the digital currency lends credence to this claim. was the first country bullied by the IMF over its crypto initiatives. However, El Salvador is the country that officially made Bitcoin a legal tender, automatically giving it a status of a foreign currency anywhere else in the world. El Salvador has always been one of the leading countries in terms of crypto adoption, simply because crypto is the most accessible and trusted way for people to protect their savings against climbing inflation. It didn't need to make Bitcoin a legal tender to drive attention from the IMF. Argentina The IMF & Argentina Earlier this year, the IMF reached an agreement with Argentina that imposed some tough conditions in exchange for a ~$45 billion loan. The loan is designed to provide a much-needed financial lifeline to Argentina, giving the IMF the perfect opportunity to take advantage of the situation and place stringent demands in exchange for the loan. For example, a provision that discourages the use of cryptocurrencies in the country requires the government of Argentina to take steps to ensure that the use of cryptocurrencies is limited and that the public does not purchase them. This demand has caused some consternation among cryptocurrency advocates in Argentina and the wider Latin American region. What Power Does The IMF Actually Have? The fact that IMF manipulates countries and dictates its agenda seems extremely concerning. What else can it do? If we go back in time, the IMF was established in 1945 by John Maynard Keynes and Harry Dexter White, the two most influential economists in the mid-20th century, as an institution that is supposed to facilitate international economic cooperation and stability, but not to interfere with countries’ internal matters and economy. It began to shift in the late 1960s when the fund intervened in regional politics and economics, offering loans and advice to countries requiring financial assistance and imposing economic policy changes. It's no shock that the fund isn't too fond of cryptocurrencies - they take away the control of centralized institutions and put more decision-making power in the hands of individuals. That's a no-no if you want to keep people under your thumb. The IMF has voiced its worries that cryptocurrencies might be used for illicit activities like money laundering and tax evasion. But **let's be real—the US dollar has been used for criminal activities for years and art can be used for the same purpose. If we're going to worry about money laundering and criminal activity, why not ban it all? No Regulations or Laws Can Stop People From Taking Control of Their Own Money! It's amazing to see how the people of Argentina are taking the fate of their finances into their own hands, despite all that their banks and government have done in the past. It's impressive to see that they don't need to be told the importance of self-custody and not trusting anyone with their crypto - they already know that. The decentralized nature of cryptocurrency has made it impossible for the government to control, and the people are determined to protect their money from any outside interference. As long as the people remain vigilant, no regulations or laws will be able to stop them from taking control of their own money. “It Works Without Any Institutions” I was recently reminiscing about my time working with the UN to develop fintech applications for developing economies in Asia. We were exploring every option to make sure people were financially included. I’ve been talking about crypto then and I’m talking about crypto now. The solution is here, and it works without the participation of any institutions. Also published here

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Is the IMF Pressuring Countries to Abolish Crypto?

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Elena Obukhova

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Is the IMF Pressuring Countries to Abolish Crypto?

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Elena Obukhova

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