Cryptocurrency

Cryptocurrency community criticizes IMF training video on cryptocurrencies

Representatives of the cryptocurrency community criticized the training video of the International Monetary Fund (IMF), according to which cryptocurrencies can be “the next step in the evolution of money.”


The IMF re- posted on its Twitter a training video about cryptocurrencies that was created back in 2018. It argues that cryptocurrencies could be “the next step in the evolution of money,” but does not mention concepts such as a decentralized ledger, blockchain, or even the names of cryptoassets. BTC, XRP and ETH only appear on the chart illustrating cryptocurrency transactions.

The video has been viewed over 330,000 times and has been criticized by many in the cryptocurrency community, noting information gaps and misleading terms.

“They make a lot of mistakes, like calling private keys ‘passwords,’  Reddit user nanooverbtc noted.

The video also doesn’t discuss mining or coin supply. The chief strategist of the Kraken cryptocurrency exchange Pierre Rochard noted that “limited supply is what makes Bitcoin interesting,” and that the IMF forgot to mention it.

According to the video, the advantages of using cryptocurrencies over fiat money include faster transaction processing times with lower fees and higher data privacy. And while the video says it is “almost impossible to trick the system,” untraceable and anonymous transactions are mentioned among the risks.

Other Reddit users, such as teddy_swits, point out that the video focuses more on the shortcomings of cryptocurrencies.

“They present volatility as an extremely negative phenomenon,  he said , referring to an animation depicting volatility as the floor collapses under the speaker’s feet. “What about the reverse situation where prices are rising rapidly?”

As a reminder, the IMF Representative recently said that government-owned cryptocurrencies, issued in partnership with private companies, will make retail payments innovations available.

About author

Experienced Founder with a demonstrated history of working in the newspapers industry. Skilled in Data Research, Management, Investment Research, Teamwork, and Leadership. Influencing the technology, people, and technical analysis of the Cryptocurrency and Blockchain world.
Related posts
CryptocurrencyExchanges

PayPal Customers Are Now Allowed To Use Cryptocurrency To Make Payments To Merchants Worldwide

BitcoinCryptocurrencyEthereum

Bitcoin Recovers $56,000: ETH Recovers $1,700 (Observed Over The Weekend)

Cryptocurrency

Vladimir Putin: "we need to stop illegal transactions with digital assets"

CryptocurrencyExchanges

Coinbase exchange valued at $ 943 million in preparation for direct listing on Nasdaq

Sign up for our newsletter and stay informed

0 0 votes
Page Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x