Bitcoin Price To Suffer? IMF Issues Crypto Action Plan

The global digital asset is facing more selling pressure as financial regulators continue to scrutinize it. The overall market capitalization has decreased by 1.39% in the past day. Despite this, the International Monetary Fund (IMF) has released a nine-point action plan for countries to manage crypto assets.

Bitcoin Price To Take A Hit？

According to reports, the IMF has recommended that countries should not consider digital assets like Bitcoin (BTC) as legal tender. Despite this advice, El Salvador, which has already declared Bitcoin as legal tender, plans to establish a “Bitcoin Embassy” in the United States to promote the adoption of digital assets.

The IMF's executive board discussed a paper called “Elements of Effective Policies for Digital Assets,” which provided guidance to member countries on the issue.

The IMF stated that in light of the many failures of digital assets, exchanges, and firms in recent years, taking action to address this issue has become a major concern for them. They recommend implementing policies that prioritize protecting monetary sovereignty and stability, which includes avoiding granting crypto assets legal tender status.

IMF Going Against Crypto？

In 2021, the IMF cautioned El Salvador when it declared Bitcoin as its official currency, and later, the Central African Republic followed suit.

Meanwhile, Bitcoin has seen a decline of over 2% in its price within the last 24 hours. At the time of writing, BTC's average price is $23,891, and its trading volume has increased by 2% to reach $28.6 billion in the past 24 hours.

If you want to check the trends of various cryptocurrencies on the WikiBIT App, it's quite easy. Simply open the WikiBIT App and click on “Market” located at the bottom of the homepage. This will display the market trends of various cryptocurrencies.

As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!