The International Monetary Fund (IMF) has established a nine-point action plan on how countries should deal with crypto assets. The first point is a call not to give cryptocurrencies such as bitcoin the status of legal tender.

The board of directors of the global creditor of last resort discussed a document entitled “Elements of Effective Policies for Crypto Assets.” According to the creditor, the document provides “advice to IMF member countries on key elements of an appropriate policy response to crypto assets.” Indeed, after a number of crypto exchanges and assets collapsed over the past two years, the fund said that such efforts became a priority for authorities, and for him, doing nothing was now “unsustainable.”

“Safeguarding monetary sovereignty and stability by strengthening monetary policy frameworks and not granting crypto assets the status of official currency or legal tender” was the main recommendation. They also “generally agreed” that crypto assets should not be granted official currency or legal tender status, and although a strict ban on assets is “not the best option.