By Mark L - Cryptocurrency Dealer - 15-08-2021
2021 has been a busy year for Bitcoin (BTC), with many companies adopting the asset as a viable payment method globally, and even Bitcoin ATMs are popping up. Another step forward for Bitcoin investing is even countries themselves are beginning to adopt the currency as a legal tender within their society; El Salvador being the first country to do so.
Some of the more significant companies have recently decided to accept the crypto coin ticker BTC as a form of payment; companies including Microsoft, PayPal, Etsy, and even Starbucks. Bitcoin is gradually growing in adoption as more places and businesses realise the benefits of utilising cryptocurrency. Some favourable aspects include low transaction fees, user autonomy, and more secure payments.
However, despite worldwide adoption, a particular financial institution plays cautiously and has warned against adopting Bitcoin as a national currency. The news came after El Salvador officially embedded Bitcoin into its society, which left many crypto fans excited for a digital future.
The International Monetary Fund (IMF) has major concerns regarding the country's decision to adopt Bitcoin fully and further expressed that enforcing the crypto as a national currency could cause "dire" results. Even with the negative views of full Bitcoin acceptance, IMF has also agreed to some of the key benefits of a decentralised digital age. Some of the positives IMF listed were making payments much faster and more affordable in the long run and improving the payment provider industry.
The IMF further said that full adoption could cause a significant economic penalty as cryptocurrency trading may gain more traction in countries that have unstable inflation and exchange rates.