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Internet users respond to IMF poll: National digital currencies are not “money”!


Sixty-five percent of those polled by the International Monetary Fund (IMF) said yesterday that national digital currencies are not “real money.”

To Report The International Monetary Fund yesterday asked its users in a poll whether national digital currencies are real money. The International Monetary Fund has about 1.7 million followers. Of the 30,800 respondents to the survey, about 65 percent said national digital currencies were not real money. Of course, most of the comments in this poll were from fans of digital currencies, and for this reason, it may not be possible to deduce very accurate statistics. Some even believed that these digital currencies were scams!

National digital currencies can be considered as a centralized and digital example of common currencies. These currencies are usually backed by Fiat currencies in a 1: 1 ratio. So far, China is the largest country to take serious steps to launch its national digital currency.

The International Monetary Fund tweeted, referring to legal facilities if such currencies are offered:

At the same time as central banks are experimenting with digital currency, it is possible that some jurisdictions will not allow these currencies to operate.

The fund also added that 80 percent of central banks are the only institutions in their jurisdiction that have the legal authority to offer “physical” cash.

As can be seen in the chart below, only 40 countries have laws for the supply of digital currencies. The laws of 27 countries are also “not very transparent” in this area.

International Monetary Fund

The main question is what distinguishes paper money from digital money? According to the International Monetary Fund, all citizens [یک کشور] They should be able to access financial services easily, while when we want to generalize this to digital currencies, it means that everyone “should” have access to digital tools such as smartphones, the Internet and laptops.

Ownership of these devices, on the other hand, cannot be in the hands of any government, which makes the supply of digital currencies a legal challenge.

The International Monetary Fund also cites the fact that citizens are bankers as another challenge. Central banks are now responsible for maintaining individuals’ accounts and assets. In other words, if people are their own banks, payment systems, taxation and the supply of national digital currencies become a legal problem.

These problems have not led central banks to abandon the supply of digital currencies. China is a good example of this. China has been working on its national digital currency at a remarkable pace since 2015. Japan, Singapore and South Korea have also started their research in this field since 2018 and 2019.

US Federal Reserve officials also spoke shortly before the need for a national digital currency. However, the Americans have stated that they are not in a hurry to offer such currency.

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