Crypto community criticized IMF video about cryptocurrencies

Crypto community criticized IMF video about cryptocurrencies
CONTENT

  • The IMF has published an old educational video about cryptocurrencies

  • The community criticized the information from the IMF

  • The negative reaction to the training video reflects the attitude of society towards the establishment

International consortium of news organizations developing transparency standards.

The International Monetary Fund has published an old training video that briefly explains what cryptocurrency is and why you need it. Community not rated.

Crypto community criticized IMF video about cryptocurrencies

IMF remembered about bitcoin

The two-minute video, originally posted in June 2018, reappeared on the IMF’s Twitter account over the weekend. In the video, the presenter briefly talks about the advantages and disadvantages of the new form of money. It is noteworthy that in the video digital coins are called “the next stage in the evolution of money”.

Previously, the IMF assessed the pros and cons of central bank digital currencies (CBDC).

Among the advantages, the IMF listed the absence of intermediaries, reduced transaction processing time, reduced fees and more reliable protection of confidential data from hacking. The Fund considers the main disadvantage of the new form of money to be its volatility and anonymity. Cryptocurrency transactions are difficult to trace, so criminals can use it to cover their financial trail, the video says..

IMF will not teach good

The video has collected over 137 thousand views, 2900 retweets and over 6000 likes. For example, he was retweeted by Changpeng Zhao, head of the world’s largest cryptocurrency exchange Binance. “The IMF is already in business, don’t be late,” he wrote.

IMF is on it. Don’t be last! https://t.co/MV2cC2FvyJ

– CZ Binance (@cz_binance) August 24, 2020

Crypto community criticized IMF video about cryptocurrencies

However, the old video caused a lot more negativity in the community. Many commentators lashed out at the Foundation for inaccurate and incomplete information. In particular, Pierre Rochard, a Bitcoin strategist at Kraken, noted that Bitcoin is a scarce asset and that is what makes it attractive. However, the IMF forgot to mention this fact..

Provable scarcity is what makes Bitcoin interesting, you forgot to mention that.

– PierreRochard.com (@pierre_rochard) August 23, 2020

In addition, many did not like that the IMF used general language, avoiding specific names. In particular, the video did not mention such terms as distributed ledger and blockchain, as well as the names of coins..

In addition to constructive criticism, there was an avalanche of comments that the IMF will not teach good things, and everything that comes from the establishment should be taken with skepticism..

Well, as usual, bitcoin supporters and XRP fans did not miss the opportunity to once again clash in a verbal skirmish, proving whose coin is “the most correct”.

 

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