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.”
— IMF (@IMFNews) August 23, 2020
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.
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.