ChainCatcher news, the International Monetary Fund (IMF) recommends that El Salvador narrow the scope of its Bitcoin law and strengthen regulatory oversight in ongoing negotiations regarding a potential loan program.The organization expressed concerns about the potential risks associated with El Salvador's adoption of Bitcoin, which is a key issue in the negotiations for the country's new loan program aimed at creating a policy framework that helps enhance productivity and strengthen economic reforms.

ChainCatcher news, at a press conference, the International Monetary Fund (IMF) once again urged El Salvador to scale back its Bitcoin policy and comprehensively reform the regulatory framework surrounding digital assets.IMF Communications Director Julie Kozack did not specify the exact details behind the proposed regulatory adjustments, but provided the following statement: "What we are suggesting is to narrow the scope of the Bitcoin law, strengthen the regulatory framework and oversight of the Bitcoin ecosystem, and limit public sector exposure to Bitcoin."

ChainCatcher news, according to Cointelegraph, the International Monetary Fund (IMF) has released a report titled "Inclusive Strategies for the Adoption of Central Bank Digital Currencies for Intermediaries and Users." The report recommends implementing inclusive strategies for intermediaries and end users. It introduces a high-level framework of Regulation, Education, Design, and Incentives (REDI) to help promote the adoption of CBDCs.IMF staff stated that the successful adoption of CBDCs requires proactive strategic policies and design choices that benefit end users and intermediaries. Therefore, they urge central banks to focus on stakeholder engagement.The REDI framework was developed by IMF staff to assist central banks in improving the adoption of CBDCs.

ChainCatcher news, according to Cointelegraph, the Deputy Director of the International Monetary Fund (IMF) Fiscal Affairs Department, Shafik Hebous, and economist Nate Vernon-Lin from the Climate Policy Department stated that a tax of 0.047 yuan per kilowatt-hour "will drive the cryptocurrency mining industry to curb its emissions in line with global goals." If the impact of miners on local health is taken into account, the tax will rise to 0.089 dollars per kilowatt-hour. Increasing taxes will raise the average electricity price for crypto miners by 85%, generate an additional 5.2 billion dollars in global government revenue annually, and reduce emissions by 100 million tons per year, equivalent to Belgium's emissions.They claimed that the electricity consumed by a single Bitcoin transaction is roughly equivalent to the average electricity usage of a Pakistani person over three years, while the energy required for the AI model ChatGPT is ten times that of a Google search. The two also proposed a 0.032 dollars per kilowatt-hour energy usage tax on AI data centers, which would rise to 0.052 dollars when accounting for pollution costs, as "these data centers are often located in areas with greener electricity." IMF officials stated that this tax could generate 18 billion dollars in revenue for the government each year.

ChainCatcher news, according to The Block, the International Monetary Fund (IMF) has discussed strategies to reduce fiscal and financial stability risks associated with Bitcoin with the government of El Salvador.The IMF stated that it has discussed policies to stabilize El Salvador's public debt, which include proposals for managing Bitcoin as the country's legal tender.

ChainCatcher news, according to Cointelegraph, the International Monetary Fund (IMF) supports Nigeria's introduction of a licensing system for global cryptocurrency exchanges as part of its economic reform measures. This initiative aims to help Nigeria gain a favorable position in the African cryptocurrency market and improve the country's macroeconomic challenges while attracting international investment. Despite the Nigerian Securities and Exchange Commission (SEC) imposing a ban on P2P cryptocurrency exchanges, the IMF still recommends that Nigeria ensure the compliance of cryptocurrency trading platforms through effective anti-money laundering regulations.

ChainCatcher news, according to Cointelegraph, the International Monetary Fund (IMF) has provided technical advice to Andorra on recording Bitcoin transactions to enhance its balance of payments statistics.Andorra's financial regulatory authority needs to approve banks for such transactions, although no requests have been made yet.The IMF recommends monitoring crypto assets until 2024 and warns against using unsupported cryptocurrencies as national currencies. The IMF advises Pacific island nations to adopt regional digital currency schemes and cautions against hastily introducing central bank digital currencies due to lack of preparation.

ChainCatcher news, according to CoinDesk, the Chair of the Financial Stability Board (FSB) Klaas Knot stated that the FSB and the International Monetary Fund (IMF) will launch a joint document on global cryptocurrency policy at the G20 summit.It is reported that the document includes a roadmap for implementing a cryptocurrency policy framework, including global coordination, cooperation, and information sharing. The document was submitted at the request of the G20 presidency of India.

ChainCatcher news, according to Bloomberg, the International Monetary Fund (IMF) is "working hard" on a concept for a global infrastructure to ensure interoperability for settlements between digital currencies issued by central banks of various countries.IMF President Kristalina Georgieva mentioned at a meeting in Rabat, Morocco, that such a platform would avoid the so-called underutilization of CBDCs. (Source link)

ChainCatcher news, according to Jin10, the International Monetary Fund has warned Zimbabwe about its plan to issue a gold-backed digital currency. Previously, the Reserve Bank of Zimbabwe stated that it would issue gold-supported digital tokens starting in early May. (source link)

ChainCatcher news, the International Monetary Fund (IMF) stated in a statement that the organization is not involved in the so-called CBDC named Unicoin.It is reported that on April 10, the Digital Currency Management Authority (DCMA) announced a central bank digital currency named UMU or Unicoin, which was mistakenly reported that the IMF was involved in its creation, but in fact, the IMF only reviewed the project's white paper. Although the DCMA claims to be related to the government, Unicoin does not appear to be issued by any central bank. (source link)

ChainCatcher news, the International Monetary Fund (IMF) Executive Board discussed a board paper on effective policy elements for crypto assets, which addresses questions raised by IMF member countries regarding the benefits and risks of crypto assets and how to formulate appropriate policy responses. The framework proposed includes 9 policy response elements:Maintain monetary sovereignty and stability by strengthening the monetary policy framework, without granting crypto assets official currency or legal tender status;Prevent excessive volatility in capital flows and maintain the effectiveness of capital flow management measures;Analyze and disclose fiscal risks and establish clear tax treatment for crypto assets;Establish legal certainty for crypto assets to address legal risks;Develop and enforce prudential, conduct, and supervisory requirements for all crypto market participants;Establish a joint monitoring framework across different institutions and sectors internationally;Create international cooperation schemes to enhance oversight and enforcement of crypto asset regulations;Monitor the impact of crypto assets on the stability of the international monetary system;Strengthen global cooperation to develop digital infrastructure and alternative solutions for cross-border payments and financial development.The IMF stated that by adopting this framework, policymakers can better mitigate the risks posed by crypto assets while also harnessing the potential benefits of the associated technological innovations. (Source link)

ChainCatcher news, according to CoinDesk, India's Economic Affairs Secretary Ajay Seth stated that the International Monetary Fund (IMF) is working with India to draft a document that will focus on "various aspects of monetary policy and the policy approach to crypto assets." Ajay Seth also mentioned that there will be a 135-minute workshop on cryptocurrency assets during the G20 meeting later this month, for which the IMF is preparing a document that will serve as a foundation. Ajay Seth noted that the plan is to transition the document drafted by the IMF from the G20 consensus to the Financial Stability Board's crypto assets working group, and he hopes that all countries will accept the policy. (source link)

ChainCatcher news, the International Monetary Fund (IMF) announced plans to collaborate with the Bangko Sentral ng Pilipinas (BSP) to create a central bank digital currency (CBDC).The International Monetary Fund stated that its role will be to advise the country's central bank on the technical details involved in creating the CBDC. In addition to providing technical assistance, the IMF also noted that it will participate in training BSP staff on digital currency applications. (CoinGeek)