Specifically, on page 19, the last point of the section refers to the so-called “Growth and Resilience Policies”, which states: “To better safeguard financial stability, we are taking measures with the aim of discouraging the use of cryptocurrencies with a view to prevent money laundering, informality and disintermediation”.
According to the letter of the section, although it seeks to “provide more support to the current payment digitization process to improve the efficiency and costs of payment and cash management systems”, greater regulations are also predicted to “safeguard the protection of the financial consumer.
For some time now, the IMF has not looked favorably on the use of cryptocurrencies in some markets. According to a report (which can be accessed at this link), the global entity explains that its plan is to “maintain the international financial system stable and efficient.” To this he adds that “digital money must be regulated, designed and provided by countries to maintain full control of monetary policy, financial conditions and capital.” They also say that the IMF’s role will be to help make this happen and to ensure global macroeconomic stability.
“In 2021, only 0.15% of the operations that were carried out with cryptocurrencies were associated with some illicit activity, such as fraud or money laundering. These percentages are much lower than those presented in transactions made with fiat money. Blockchain technology, which emerged with the birth of Bitcoin, is a decentralized public accounting book, where anyone can access the data chain, and each transfer is recorded in a secure and verifiable way through the use of cryptography”, Javier stated. Madariaga, executive director of the NGO Bitcoin Argentina.
“We are convinced that the path is not disincentives or prohibition, but to work in a coordinated manner with the private and public sectors to take advantage of the potential of decentralized finance, so that more and more individuals can transact safely and that security forces security improve their capabilities to combat cybercrime. We are concerned that the authorities are agreeing to discourage a technology that has already been massively adopted by the population itself rather than unleashing its potential to address historic problems,” he added.
The request was submitted through a letter addressed to the head of the National Ministry of Economy, Martín Guzmán, made within the framework of Law No. 27,275 on Access to Public Information. Specifically, the organization requests that “all documents, reports, administrative files, emails, and any other documentation that works in the ministry, in which cryptocurrencies and their link to money laundering and stability, be provided. in the context of the negotiation that took place with the IMF”; that the national government report the reasons and measures that are sought to be carried out to “discourage the use of cryptocurrencies”; and that it be disclosed if “cryptocurrencies, cryptoactives or digital assets were the subject of the negotiation carried out between the representatives of the Argentine Republic and the IMF”, among other points.
“We are not making this request for access to public information to hinder or affect the negotiation that the government is currently carrying out with the IMF, but rather so that the community can learn in detail the arguments and policies that they want to carry out in around crypto assets. From NGO Bitcoin Argentina we are available to work together with the actors that are needed in order to contribute to a healthy growth of the ecosystem and the crypto industry”, concluded Madariaga.
Source: Ambito
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