IMF: Global Coordination on Cryptocurrencies & Potential for “Massive Disruptions”
IMF: Global Coordination on Cryptocurrencies & Potential for “Massive Disruptions” by Rory – The Daily Coin
If there’s no access to fiat currency what value do cryptocurrencies actually possess?
The table is being set and the bankers are circling the wagons. Are you still in cryptocurrencies? Have you taken your profits and paid your taxes? If not don’t say you haven’t been warned. We have been warning people about what the bankers are saying, what the bankers are doing and documented what the governments are doing and how they are attacking the citizens. The few people – examples – of the types of crimes people will be charged run the gamete.
Now we find out the bankers are in fact, circling the wagons. The IMF is calling for the banks, around the world, to attack the accounts of people getting funds to dive into cryptocurrencies or wish to convert their digital blips into fiat. Well, as we have been saying for months and months – good luck.
The International Monetary Fund (IMF), an organization that aims to foster global monetary cooperation and financial stability, has called for global coordination on cryptocurrencies, warning of the risks of surging cryptocurrency prices.
According to a Bloomberg report, IMF spokesman Gerry Rice said late last week there is a need for “greater international discussion and cooperation among regulators.”
“When asset prices go up quickly, risks can accumulate, particularly if market participants are borrowing money to buy. It’s important for people to be aware of the risks and take the necessary risk-management measures.”
The spokesman also stressed that cryptocurrencies pose dangers beyond investors’ losses, and can potentially be used for money laundering, terrorist financing, tax evasion and fraud.
Previously, the IMF has advocated a balanced approach on cryptocurrency regulation. Christine Lagarde, managing director of the organization, said in September of 2017 that cryptocurrencies may give traditional government-issued currencies a “run for their money” and it is “not wise” to ignore them.
She added that cryptocurrencies would bring “massive disruptions” and warned that central banks and financial services need to pay closer attention to the technology.
The latest statements from the IMF come after U.S. Treasury Secretary Steven Mnuchin said last week that the Financial Stability Oversight Council has formed a working group to carry out discussion with other U.S. regulators. The group is “very focused” on cryptocurrencies, he said at the time.
“We want to make sure that bad people cannot use these currencies to do bad things,” Mnuchin added. Source
Massive disruption! This is not what the bankers want, nor can the current system stand up to minor disruptions, small shake-ups or some type of medium debt (credit) crisis much less something that is continuing to grow, continuing to garner attention and is seemingly a situation the bankers may have a hard time controlling. If they can’t control the asset, they can certainly control the entrance and exit gates into and out of the fiat currency system where people actually live and conduct business.
Yes more and more businesses are accepting bitcoin – no other cryptocurrency is currently being accepted outside online, mom/pop internet only shops – but utility companies, grocery stores, phone companies, web hosting companies and the like are not accepting bitcoin or any other cryptocurrency at present. If there are any they are too small to make a difference or attract any attention. Once again, their exit gates will be the next thing to shut off and their ability to conduct normal business through traditional business channels will be shut down.
Don’t get me wrong I, like everyone else, want out of the corrupt, criminal system, however, as I have been saying for years gold and silver are the only assets that have proven – for more than 4,000 years – that they have the fortitude to keep the bankers and government in check and allow the people to succeed in a capitalistic free market society. Name one other asset that has that history and I will be more than happy to discuss how we can bring that asset to the table and begin fighting for our liberties and rights to be returned. Until there is something else that is offline, decentralized and has a multiple-millenium track record we will stay with gold and silver as we believe these two assets will continue to be the “king of the hill” as far as money and currency are concerned.