The International Monetary Fund (IMF) has received strong pushback from members of the crypto community regarding its effort to advance technology behind central bank digital currencies (CBDCs). During a recent CBDC policy roundtable, the IMF’s director presented a new platform concept for cross-border payments that uses one ledger to record CBDC transactions. However, the crypto community has criticized the move as a “dystopian nightmare” and a “power grab” by the IMF.
Some Reddit users have argued that the IMF is using issues like financial inclusion as a Trojan horse to push CBDCs forward and gain more control. Meanwhile, others on Twitter have compared the new platform to a “sh*tcoin” and stated that no government or organization should have the power to decide on what constitutes the best money.
The main concern of the crypto community is that CBDCs will give governments complete control over individuals, allowing them to see every transaction and turn off access to people’s own money whenever they want. Many in the community also believe that no one wants centrally-managed and controlled money, further rejecting the idea of CBDCs.
Overall, the criticisms from the crypto community highlight the ongoing debate surrounding CBDCs and government control.
While some see CBDCs as a solution to financial inclusion and cross-border payments, others view it as a threat to individual privacy and freedom.