Bitcoin Price News: The global digital asset is trading under increased selling pressure due to continuous regulatory scrutiny launched by the Financial watchdogs. The cumulative market cap has declined by 1.39% over the past day. However, the International Monetary Fund (IMF) has issued a nine-point action plan for the nations to handle crypto assets.
Bitcoin Price To Take A Hit?
As per reports, IMF has asked the nations to not give digital assets like Bitcoin (BTC) the status of legal tender. El Salvador is the biggest example set by a nation announcing Bitcoin as the legal tender. However, the nation is planning to open a “Bitcoin Embassy” in the United States in order to stretch digital asset adoption.
It added that the global lender of last resort stated that its executive board discussed a paper named “Elements of Effective Policies for Digital assets. This helped the IMF member countries with guidance over the matter.
The IMF mentioned that after the horrible collapse of various digital assets, exchanges, and firms over the past few years, such measures have become a top priority for them. However, the top suggestion would be to safeguard monetary sovereignty and stability by bracing policies. While this will include not granting crypto assets a legal tender status.
Back in 2021, the IMF issued a warning for El Salvador when the nation announced to the adoption of Bitcoin as the legal tender. Later, the Central African Republic went on to do the same.
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