IMF strikes once again

[Luzin]

The simple reason is because the IMF doesn't like bitcoin and they don't want their borrowing countries to adopt bitcoin.

Financially, the IMF is concerned that excessive Bitcoin holdings on countries' balance sheets could lead to fiscal uncertainty. In detail then it is about the amount of government spending, tax revenue, public debt, and other policies related to the management of state finances.

But behind that I think the IMF has other reasons of interest. They want to keep control of world finance through the loans they provide. Another problem is if countries have financial freedom then the IMF will be useless, maybe the IMF could be destroyed and have no members. We know the IMF is in the United Nations, and we understand there are always other interests brought in a world organization.

IMO

[X-ray]

IMF doing the same thing to el salvador, I'd expect the same thing to pakistan.

We don't know if IMF genuinely concerned with pakistan's monetary and fiscal policies, but I agree that IMF seems to be against crypto or bitcoin in general.

[bbc.reporter]

The International Monetary Fund (IMF) has rejected Pakistan’s bid to offer subsidised electricity to Bitcoin mining operations, dealing a significant blow to the nation’s bold plans to become a regional crypto hub shortly after its high-profile debut of its first strategic Bitcoin reserve.

While testifying before the Senate Standing Committee on Energy on Thursday, Secretary of Power Dr. Fakhray Alam Irfan said that the IMF was concerned about creating market distortions.

The government had proposed allocating 2,000 megawatts from its 7,000 MW electricity surplus to cryptocurrency mining and other energy-intensive industries at rates of 23-24 Pakistani rupees ($0.08) per kilowatt-hour (kWh). But, the IMF remains skeptical despite surplus power during winter months, cautioning that such incentives resemble tax holidays that have historically undermined market efficiency.

if you guys remember, imf also restricted el salvador into further developing their attempts to make bitcoin a huge part of their country i believe the country was advised to take a step back from its crypto advances which we know el salvador did not really follow imf as they continued to buy bitcoin

anyway another country's involvement to crypto being turned down by imf makes me think it is now a pattern that maybe imf really is not supportive of crypto no matter what the context is. first world countries who can operate on their own are more likely to advance with crypto and bitcoin since they do not need to be asking for resources from other authorities.

source

Hehehehe however, what other countries can do is to make a similar tactic like Bukele where the are using their interest in bitcoin as a threat to the IMF and to ask for better terms for loans. If the IMF does not agree to what is being asked then similar Bukele, he has made bitcoin legal tender and it has encouraged the El Salvadorian people to use this.

I assume that their next loan from the IMF had better terms. Another tactic is to buy bitcoin for the national treasury. The IMF will very much not like this.

[davis196]

anyway another country's involvement to crypto being turned down by imf makes me think it is now a pattern that maybe imf really is not supportive of crypto no matter what the context is. first world countries who can operate on their own are more likely to advance with crypto and bitcoin since they do not need to be asking for resources from other authorities.

IMF isn't anti-crypto. IMF is against the usage of government subsidized electricity for crypto mining. I totally understand their point of view.
Pakistan has problems with big debt, so they have to rely on loans issued by the IMF. Countries that have big debt shouldn't subsidize electricity prices. The cryptocurrency miners in countries like Pakistan should mine coins on their own, without having to rely on government support. I thought that all crypto bros are against government intervention in the crypto industry. Why do we have to rely on the governments to boost the crypto mining industry?

[Hewlet]

anyway another country's involvement to crypto being turned down by imf makes me think it is now a pattern that maybe imf really is not supportive of crypto no matter what the context is. first world countries who can operate on their own are more likely to advance with crypto and bitcoin since they do not need to be asking for resources from other authorities.

source

The only reason why whatever stand the hold about a particular country's decision to own certain worth of crypto or go into mining or not always comes to light is because most of the those countries always goes to them for borrowing. If that was not the case, you can't tell a country that's not relying on you for most of her needs on how to go about the consumption of her energy. IMF giving out loans to most third world country is not just because they are interested in helping them, it's just a tactics to get really involved in most of her policies and get them to depending on them for most of Thier needs.

What they did to el Salvador and the fact that they might do same to Pakistan is not just because about are anti bitcoin. They are just trying to protect their interest.

[Marvell1]

We don't know if IMF genuinely concerned with pakistan's monetary and fiscal policies,

Of course, since Pakistan is borrowing their money and as a lender, they need to ensure that the debtor can repay the debt. Like you, would you dare lend someone money if you didn't know or weren't sure that they had the ability to pay you back?

but I agree that IMF seems to be against crypto or bitcoin in general.

The IMF's view on cryptocurrencies in general is that they are not completely against it. They have never called for an outright ban on cryptocurrencies, instead advocating for clearer and tighter regulations on cryptocurrencies to minimize the financial risks they could pose.

Frankly speaking, many of us oppose the IMF's decision because we are bitcoin investors, and we are only protecting our own interests. But if we stand in the position of an international monetary organization like them, it would not be too much for them to make such demands.

[DeathAngel]

The IMF will become an irrelevance in years to come & they know this, hence their restrictive views & actions towards Bitcoin. Fortunately for us but unfortunately for them, nothing stops this train. Bitcoin is growing in global adoption every year, all obstacles in the way will be removed. Keep stacking & you will be greatly rewarded.

[pooya87]

The IMF will become an irrelevance in years to come & they know this, hence their restrictive views & actions towards Bitcoin. Fortunately for us but unfortunately for them, nothing stops this train. Bitcoin is growing in global adoption every year, all obstacles in the way will be removed. Keep stacking & you will be greatly rewarded.

Pakistan, and pretty much all other countries, should accept this fact sooner than later and start moving toward the Eastern Bloc. There is already BRICS and other cooperations in the East that are also providing financial aid and loans to member states without the invasive demands that IMF has as a colonizers' organization.

Cryptocurrencies and Bitcoin can have an easier time growing in the Eastern Bloc as well. The rules are less invasive and we have vast amounts of energy that can be dedicated to mining them...

[Promocodeudo]

The IMF will become an irrelevance in years to come & they know this, hence their restrictive views & actions towards Bitcoin. Fortunately for us but unfortunately for them, nothing stops this train. Bitcoin is growing in global adoption every year, all obstacles in the way will be removed. Keep stacking & you will be greatly rewarded.

I think they are enemies of decentralization but indirectly trying to cunning pave way for those they are working for but it is unfortunate for them that those antics of theirs has already been known to many, Bitcoin has already grown past that stage, we are no longer talking about adoption yearly, it now hourly, daily, monthly and finally yearly, for me I think there's not stumbling block at all because as we speak individuals and institutions are still doing the needful and I believe with time, countries that understand the need to do so will join the chorus, am happy that individuals now understand what IMF is doing, for me, it is bitcoin all the way, no going back.

[ultrloa]

The IMF will become an irrelevance in years to come & they know this, hence their restrictive views & actions towards Bitcoin. Fortunately for us but unfortunately for them, nothing stops this train. Bitcoin is growing in global adoption every year, all obstacles in the way will be removed. Keep stacking & you will be greatly rewarded.

I think they are enemies of decentralization but indirectly trying to cunning pave way for those they are working for but it is unfortunate for them that those antics of theirs has already been known to many, Bitcoin has already grown past that stage, we are no longer talking about adoption yearly, it now hourly, daily, monthly and finally yearly, for me I think there's not stumbling block at all because as we speak individuals and institutions are still doing the needful and I believe with time, countries that understand the need to do so will join the chorus, am happy that individuals now understand what IMF is doing, for me, it is bitcoin all the way, no going back.

Looking at those actions they do it seems that they afraid that those countries invest on Bitcoin would progress since its bad for their business if those country engage on Bitcoin will became more successful.

Its really so bad that there are entities like them doing such manipulative actions. But for sure they can't stop those leaders have solid plans towards what they want to do with Bitcoin and other activities related to it that gives positive result for their country.

I hope IMF will get tired doing those dumb stints they are doing and they let countries to invest on Bitcoin.

[Smartprofit]

Some experts claim that there are two main geopolitical forces in the world - globalists and traditionalists. Globalists (in the US, these are supporters of the Democratic Party), and in the European Union - supporters of the majority of ruling parties, rule the world through various international organizations (including the IMF). Globalists are supporters of the introduction of central bank digital currencies and consistent opponents of Bitcoin. This is why the IMF is slowing down the introduction of Bitcoin into the economic system of El Salvador and Pakistan. The IMF is a fairly powerful organization, it issues loans to different countries, and the loans are conditioned by the fulfillment of certain conditions. In particular, such conditions often include the refusal to accept the first cryptocurrency.

[Ronsbit]

Pakistan Crypto Council CEO Bilal said he was only following what US doing and considering Bitcoin Strategic Reserve so why is IMF not bothering US with its policies when its also creating market distortions.

In one word: monopoly.

Maybe this American organization called IMF is trying to prevent others from gaining any share of the Bitcoin market and hashrate to give the US regime that monopoly Trump has dreamt about: the "Crypto capital of the world" nonsense.

The IMF always opposes countries that have a plan to escape hardship and want to better their economy. Look at El Salvador today, they took the bold step defying the IMF, and today they are at profit and have been able to clear up the debt they owe, if I get it right. Pakistan's case is not different from El Salvador, and as a matter of fact, Pakistan is giving away its excess power reserve, which means they are not complaining of power outages, and they are doing this to better improve their economy, encouraging bitcoin mining and also wanting to set up their national reserve and what the hell does it be of concern to the IMF how they go about their resources or is it the fact that they are seeking loan from them or what. I wish Pakistan would just ignore them and take a bold step, just like El Salvador did.

[Lida93]

The IMF will become an irrelevance in years to come & they know this, hence their restrictive views & actions towards Bitcoin. Fortunately for us but unfortunately for them, nothing stops this train. Bitcoin is growing in global adoption every year, all obstacles in the way will be removed. Keep stacking & you will be greatly rewarded.

Pakistan, and pretty much all other countries, should accept this fact sooner than later and start moving toward the Eastern Bloc. There is already BRICS and other cooperations in the East that are also providing financial aid and loans to member states without the invasive demands that IMF has as a colonizers' organization.

Cryptocurrencies and Bitcoin can have an easier time growing in the Eastern Bloc as well. The rules are less invasive and we have vast amounts of energy that can be dedicated to mining them...

I have always said it, that with the introduction of bitcoin away from  the hook of the traditional global financial system that is been controlled by a few elite countries, and addition to the growing realisation by some of the developing countries towards the adoption of bitcoin, as part of national reserve to building their economy, which would eventually place them in position of financial freedom in years from now from the unequal conditions and relations that be.

Hence, their emissary, IMF, displaying what could be described as the last kicks of a dying horse on Pakistan and other countries like El Salvador. But, no matter how they try they can't stop the wild-spread  of bitcoin adoption in the manner it's going for those countries who knows it's potential and benefits.

[CryptoYar]

[...]

Good explanation how Bitcoin could change global money especially for developing countries wanting to be more financially free from powerful nations. You believe Bitcoin can help them gain independence by acting as national reserve moving past unfair past financial rules. And yes IMF pushback against countries like Pakistan and El Salvador adopting Bitcoin as sign that traditional financial powers are losing their grip.

Despite their worries about things like stability you are right that more and more countries are seeing Bitcoin benefits. Like fighting inflation and making money transfers easier making its widespread use seem unavoidable as tool for financial empowerment.

[Lucius]

~snip~
If bitcoin can save a country's economy from crisis, why is El Salvador's economy still struggling and at risk of default even though they adopted bitcoin since 2021? Why do they have to beg the IMF for loans and endure pressure from this organization?

Because BTC is not the kind of magic that some people think it is, and those politicians and their foreign mentors probably realized that after 5 years - or they knew it from the beginning, but they had other goals. The IMF uses blackmail to achieve its goals, but the problem is not just with them, but also with those who depend on their money.

When you can't do what you want in your own country, it's clear how independent you are - this is just another example of how the system works.

[Z-tight]

The IMF will become an irrelevance in years to come & they know this, hence their restrictive views & actions towards Bitcoin. Fortunately for us but unfortunately for them, nothing stops this train. Bitcoin is growing in global adoption every year, all obstacles in the way will be removed. Keep stacking & you will be greatly rewarded.

I couldn't agree more with you. Obviously the IMF is against BTC for reasons best known to them, but then again it has not affected BTC's adoption and growth, and every year we are setting new milestones. So i can only see two outcomes here, it is either organizations that are against BTC becomes completely irrelevant to its adoption or they stop their restrictive measures and allow countries adopt BTC in the way they want to.

[peter0425]

IMF doing the same thing to el salvador, I'd expect the same thing to pakistan.

We don't know if IMF genuinely concerned with pakistan's monetary and fiscal policies, but I agree that IMF seems to be against crypto or bitcoin in general.

If other countries try to propose the same thing and IMF declines it again, it might become really obvious how they simply do not like bitcoin no matter what the proposal is. I am sure that this will not be the last country to ask for IMF's approval so shall see soon.

[Felicity_Tide]

I was going to ask what hold does the international monetary fund (IMF) have on this countries, but your ending statement explains it all.
This is why dependence can be very dangerous and limiting most of the time, it is hard to ignore the advice or restriction of someone you clearly and obviously depend on for something very important to you...

I believe this is how this countries depend on IMF, if not, I see exactly no reason why any country would allow an external body or organization decide what happens or not happen in the country when the government of the country and the people have decided on what to do or invest in to move their country forward.

Most third world countries are heavily dependent on IMF, especially Pakistan. At this point, i think the decision to go ahead in doing whatever they planned on doing might be difficult because it takes a lot of courage to go against the hands that you've strongly depend on. You won't find this same IMF sitting on the affairs of other countries like the United State, China, Russia, N-Korea, and a very few others that don't give a F about them.

I think Pakistan would have to weigh their options at this point. So, they can go ahead and do their thing, but it would require courage, or let's say a thick-skin, because the IMF are certainly going to come at them with every form of discouragement that looks right, but not actually right. I think El Salvador's case should serve enough example. El Salvador saw that the risk was worth taking despite IMF's pressure, so let's see how the Pakistani evaluate theirs.

[Danica22]

IMF doing the same thing to el salvador, I'd expect the same thing to pakistan.

We don't know if IMF genuinely concerned with pakistan's monetary and fiscal policies, but I agree that IMF seems to be against crypto or bitcoin in general.

If other countries try to propose the same thing and IMF declines it again, it might become really obvious how they simply do not like bitcoin no matter what the proposal is. I am sure that this will not be the last country to ask for IMF's approval so shall see soon.

If we pay attention, we will see that so far the IMF has only opposed three countries: El Salvador, Pakistan and the Central African Republic. What all three countries have in common is that they have bad economies, high public debt and are at risk of default. The IMF has never spoken out against or expressed concerns about the adoption of bitcoin by developed economies.

Is this any different than the advice we give to others, because we have also advised against borrowing money to invest in bitcoin or against investing in bitcoin if we are unemployed and have no income? I see them the same.

That shows they are not necessarily hostile to cryptocurrencies or bitcoin.

[goldkingcoiner]

so why is IMF not bothering US with its policies when its also creating market distortions.

Um, because unlike many smaller countries the USA has no loans from the IMF so the IMF has no say or leverage in what we do. 

That is still not going to stop the IMF from kicking and screaming like an undisciplined child that doesn't get what they want ...

Bitcoin is the better money and they cannot control or monopolize it like they already do with fiat. Which means they are slowly but surely losing power and monopoly.

Of course they are going to complain.  And we will enjoy it.