Altcoins Talks - Cryptocurrency Forum

Further Discussions => Legality & Taxation of Cryptos => Topic started by: sirty143 on January 16, 2024, 05:06:02 AM

Title: IMF Chief Sees Crypto as Asset Class — Says Bitcoin Won't Dethrone US Dollar as
Post by: sirty143 on January 16, 2024, 05:06:02 AM
IMF Chief Sees Crypto as Asset Class — Says Bitcoin Won't Dethrone US Dollar as Dominant Currency

(https://i.imgur.com/13lseiem.jpg)

International Monetary Fund (IMF) chief Kristalina Georgieva sees crypto as an asset class, not money. She dismissed concerns of bitcoin potentially displacing the U.S. dollar as the world’s dominant currency... See more for yourself here (https://news.bitcoin.com/imf-chief-sees-crypto-as-asset-class-says-bitcoin-wont-dethrone-us-dollar-as-dominant-currency/).

Your opinion is greatly appreciated.
Title: Re: IMF Chief Sees Crypto as Asset Class — Says Bitcoin Won't Dethrone US Dollar as
Post by: Zed0X on January 16, 2024, 03:33:30 PM
It's just easier for the IMF to view it as an investment vehicle rather than an actual currency/money. They've been pushing for worldwide regulation of crypto for years and the best possible route to find a common ground is to treat it as an Asset Class. That approach doesn't directly clash with the Central Bank Policies of each country. As we know now, BTC is already accepted as legal tender (money) in two countries and there are speculations that a few more would join.
Title: Re: IMF Chief Sees Crypto as Asset Class — Says Bitcoin Won't Dethrone US Dollar as
Post by: Don Pedro Dinero on January 17, 2024, 03:56:30 PM
As much as I consider myself a bitcoin maximalist, I don't see bitcoin replacing the dollar either. She is right that cryptocurrencies are mainly used as an asset, and even in El Salvador, where it is considered legal tender, it is not widely used as a currency. Moreover, all the steps that are being taken are moving in that direction, the latest being the approval of spot ETFs in the USA. More and more legislation is imposing more and more KYC and considering it as an asset on which capital gains taxes can be levied.
Title: Re: IMF Chief Sees Crypto as Asset Class — Says Bitcoin Won't Dethrone US Dollar as
Post by: joniboini on January 19, 2024, 06:00:36 AM
Quote from: Don Pedro Dinero on January 17, 2024, 03:56:30 PM
Moreover, all the steps that are being taken are moving in that direction, the latest being the approval of spot ETFs in the USA. More and more legislation is imposing more and more KYC and considering it as an asset on which capital gains taxes can be levied.
Yeah, it is not surprising that most people viewed it that way. Nothing is as interesting as gaining 10x profits from some code on the internet I guess. On the other hand, Bitcoin can function as money just fine regardless of how people judge whether it is an asset or currency. I'd say the debate is not that useful in general since nobody can force people on how to spend their BTC at all. Maybe if an analytic company can magically link one address to somebody so that the government can force them to give their BTC, I'd be worried, but for now (and in the future) that concern should be easily fixed with some updates or fork if necessary.