IMF releases crypto explainer saying it ‘could be the next step in the evolution of money’. The International Monetary Fund (IMF) has issued a video that will clarify what cryptocurrency is. While implying that cryptocurrency might “completely change the way we sell, buy, save, invest, and pay our bills,” the video states that it “could be the next step in the evolution of money.”
On Sunday, the IMF tweeted a video explaining what cryptocurrency is that instantly went viral. Referring to cryptocurrency as “a special currency,” the two-minute video attempts to outline its benefits in payments, such as by removing middlemen, lowering costs, and increasing transaction speed.
What are cryptocurrencies? https://t.co/ggONlLkA2r pic.twitter.com/yYpj3Jf37E
— IMF (@IMFNews) August 23, 2020
It also warns of what it considers to be threats, such as anonymity and uncertainty. At the time of writing, the video accrued more than 523 K views; it was 5.5 K times retweeted, 8.2 K times liked, and 807 comments received. The video ends with “If we can counter the risks, then this new technology or some variation of it can completely change the way we sell, buy, save, invest, and pay our bills. And who knows, this could be the next step in the evolution of money.”
As no particular cryptocurrency is listed in the IMF’s cryptoexplainer video, several commentators took the opportunity to promote their favorite coins. Others criticized the content of the IMF video, saying that the information is misleading and omits many important points, including mining.
[image: World Atlas]