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Argentina faces outrage from public for discouraging crypto by complying with IMF guidelines

Argentina is all set to discourage the use of cryptocurrency as per IMF guidelines

A compromise has been reached between Argentina and the International Monetary Fund (IMF) in order to renegotiate its debt repayment plan for the $45 million that it owes the financial institution. 

The Argentine government’s agreement with the International Monetary Fund (IMF) to refinance the country’s debt mandates to discourage the use of cryptocurrency.

It is one of a series of monetary and fiscal policy measures that the South American country is committed to in order to have longer payment periods. 

The deal, which restructures Argentina’s $45 billion debt to the IMF, will offer the government much-needed time to repay the loan.

The IMF vs. Cryptocurrency

For quite some time, the International Monetary Fund (IMF) has been open about its dissatisfaction with cryptocurrency. 

In its statement, the organisation expressed worry that the decentralised and unregulated character of cryptocurrencies might lead to their use for illegal activities. 

The International Monetary Fund (IMF) has also expressed worry about the volatility of the cryptocurrency market.

Argentines Speak

The request was only made public after the deal with the International Monetary Fund (IMF) was submitted to the Argentine Congress for debate and ratification.

As a result, the bitcoin community instantly responded by requesting an explanation from the government about how it wants to “discourage” the usage of cryptocurrency in the country.

The Argentine crypto community is already seeking to comprehend the deal’s potential ramifications and implications for the industry’s players. Others have overtly and implicitly questioned this aspect of the agreement, making statements that promote the use of cryptocurrencies in general.

The Increasing Ban of Cryptocurrency around the World

Egypt, Iraq, Qatar, Oman, Bangladesh, China, and Morocco have all outlawed cryptocurrencies in recent times. Forty-one other nations have enacted laws restricting banks’ capacity to deal with cryptocurrencies or banning cryptocurrency exchanges explicitly.

 

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