IMF Official: “Central Banks need to compete against cryptos”
Source: https://www.coindesk.com/imf-official-central-banks-need-compete-crypto/
Bitcoin vs the Dollar or other currencies...the table is being set and we will be led to beleive that it’s a “competition”.
Back in Sept of 2017, the head of the IMF (International Monetary Fund) urged the Central Banks to study crypto currencies.
It’s funny, the Bank of England was study and publishing back in 2016. So I guess they got the messages to the sheeple a bit off.
Back to the story. The IMF wants more “regulations” for cryptos if we are to take them seriously or to be considered for future use.
The IMF Official stated that one day that crypto’s could reduce the demand for fiat currency and that they need to make the existing currencies “more attractive” or more “capabilities”.
I am not sure what they want a dollar to do becuase today “it can reproduce like magic and more and more are printed out of thin air”. What else do they want their currency to do?
Today every time you spend a bitcoin or litecoin you are TAXED...you convert it to another crypto and your are TAXED.
Fiat currencies aren’t taxed when used so the playing field is “un-level” and this is the way it will remain until they are ready.
Ready for what you say? That is the question we all want to know.
Will it be a “reset” for all Government who have massive debts?
Will it be a reset to a new currency issued by Central Banks — becuase they “promise not to screw us again”?
Will it be a Central Bank issued crypto that is “centralized” and given all types of incentives vs Bitcoin and Litecoin?
Nobody really knows. We just see “a stalling at this point” and if things start to go nobody knows will it will end — except we know that people are hip to the Central Banks and how they have screwed people around the world with their paper fiat currencies over the course of time. They abuse the privledge and then want a “re-do”.
Are crypto’s an Orwellian plan for control ? Could be, we just don’t know. But if cryptos are going to be “gamed” for the transition, we will see a massive inflow into crypto’s —- they won’t have massive adoption until regualtion/taxation and institutions are all in the pool.
Crazy times...you can never tell who is telling the truth anymore in this world.
The dollar needs to compete?
No, it just need to crawl off and die as the worthless piece of paper it is.
The only thing the dollar has now is trust, and that is eroding.
The central banks will never do what they need to do to compete, because that would involve giving up control. They are doomed.
So, crawl off FED, and die.
I could not agree more. The language they use is odd. I truly believe compete means “Central Bank Cryptos” and the governments embracing those “after” the buy-in for Bitcoin/altcoins. Can they co-exist ?
No, they cannot co-exist.
Or rather, the central bank cryptos will exist for as long as the FED can pull the wool over the eyes.
It is like the USSR making blue jeans that would never fade, when they tried to compete against Levis being snuck into the country. They just didn't get it.
And the FED doesn't get it.
Further, the people running the FED are all about control.
Control over everything. They will do anything to keep control.
So, any central bank cryptos will fail because it lacks what makes a cryptos the thing it is.
Public is the last to know as always.
The old system can never compete with the new. It's like saying horses need to compete with cars. I think it applies to all banks not just central banks. Higher fees, not open on weekends and night time, slower. It's easy to pick the winner
Very true. We know they will never go down without a fight or co-opting the new system.