IMF strikes once again

[michellee]

The IMF doesn't want to support crypto because they think Bitcoin is a threat. They don't want to see something that they can not control. If Bitcoin become a payment system globally, IMF may lose their control in money and countries can change the use of fiat to Bitcoin. But this will not stop to Pakistan and they will search for the other ways to running their plan. IMF may lose its power among the other countries. That is not our business because that is far from us and we can only think or speculate of what will happen to that. Maybe I am wrong of this.

[buwaytress]

Not saying they're necessarily evil. They do have a duty to warn and advise when a country is seemingly committing economic seppuke but I don't get the fear behind PK's move (if true). There are far bigger problems they need to solve on the ground. PK may have a power surplus but they need to fix their regional grids. Ask any Pakistani if they have ever went through an entire year without power cuts.

They are evil, and people who believe otherwise are very naive. They don't have a duty to create wealth for your country, they have a duty to create wealth for themselves.

I would say no more or less evil than the states that opress their people anyway. You can steer the economy any which way but the richest will benefit. Covid? Banking crisis? (hyper) Inflation? For most people, it's between people losing jobs, losing homes, considering suicide, or keeping status quo.

PK can go do what it wants with Bitcoin mining, or not. It will not change the life of the guy in the street. Fixing their grids so people don't sleep on the roofs in summer, that can change the guy's life.

[Zaguru12]

The IMF doesn't want to support crypto because they think Bitcoin is a threat. They don't want to see something that they can not control. If Bitcoin become a payment system globally, IMF may lose their control in money and countries can change the use of fiat to Bitcoin. But this will not stop to Pakistan and they will search for the other ways to running their plan. IMF may lose its power among the other countries. That is not our business because that is far from us and we can only think or speculate of what will happen to that. Maybe I am wrong of this.

Seriously this is one take that some people get wrong and even the IMF, they see bitcoin as a competition to fiat and that its adoption will affect fiat? But it is a wrong take, yes fiat in some cases will be dropped in place of biyckj but will the bitcoin been able totally eliminate the fiat totally like the way the IMF fears, I don’t think so, Satoshi himself might have looked at the supply of the coin and that’s why he might put it out that bitcoin isn’t a competitor but an alternative.

Whenever people say bitcoin will be an obstacle or competitor to eliminate fiat I usually ask has gold taken over from fiat. One thing i see that the IMF is sacred of is they don’t want countries to hodl on to bitcoin because it is not like Fiat which they have control over or they might be scared of its volatility but trust me it is the first option,

[Scarlett_23]

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

Pakistan wanted to build a power plant for Bitcoin mining with a loan from the IMF. I think there are two reasons behind the IMF rejecting this proposal.

Developed countries are economically independent, meaning they do not have to depend on other countries' money. On the other hand, developing or underdeveloped countries are economically dependent on other countries. Thinking about projects/major projects of these countries means borrowing money from other countries. And rich countries take advantage of this opportunity. When the IMF provides loan assistance to a country, it is very conditional. It does whatever is necessary to protect the interests of the United States. If these underdeveloped/developing countries ever become economically independent, they will not be under the control of other countries. On the other hand, Bitcoin is a future-proof crypto currency and it has no regulatory body. No country in the world can control it. This could be the first reason.

And the second reason is that I think Bitcoin is a volatile currency, so if they allocate money for Bitcoin-related projects, they may not get their allocated money back correctly and on time.

[DanWalker]

Pakistan wanted to build a power plant for Bitcoin mining with a loan from the IMF. I think there are two reasons behind the IMF rejecting this proposal.

Developed countries are economically independent, meaning they do not have to depend on other countries' money. On the other hand, developing or underdeveloped countries are economically dependent on other countries. Thinking about projects/major projects of these countries means borrowing money from other countries. And rich countries take advantage of this opportunity. When the IMF provides loan assistance to a country, it is very conditional. It does whatever is necessary to protect the interests of the United States. If these underdeveloped/developing countries ever become economically independent, they will not be under the control of other countries. On the other hand, Bitcoin is a future-proof crypto currency and it has no regulatory body. No country in the world can control it. This could be the first reason.

And the second reason is that I think Bitcoin is a volatile currency, so if they allocate money for Bitcoin-related projects, they may not get their allocated money back correctly and on time.

Both reasons are valid. Frankly, not just the IMF but any organization or individual, including us. If suddenly something threatens our power and interests. We will also take similar actions to prevent its growth and maintain power even though we know very well that it is very good. It is human nature, people only care about their own interests and not the common interests of humanity. So we shouldn't be too surprised that the IMF is constantly trying to prevent countries from adopting bitcoin because it threatens their power and interests.

Second, so far the IMF has only prevented countries with weak economies and high public debt, they have never tried to prevent countries with stable economies. Meanwhile, bitcoin is volatile and risky. Therefore, investing and adopting bitcoin if not planned well enough can harm the national economy instead of helping to improve it.
El Salvador has been adopting bitcoin for over 4 years now but it clearly hasn't improved their economy. It's the truth.

[Ojima-ojo]

What we are looking out for now for Bitcoin is a break out and private electricity and alternative powers plants that are remotely generated by Bitcoin miners and consume by them the miners.


Imf will always kick against anything that will further increase the popularity for Bitcoin a d cryptocurrency, this is why their will always be kick back mechanism.

[Lucius]

~snip~
PK can go do what it wants with Bitcoin mining, or not. It will not change the life of the guy in the street. Fixing their grids so people don't sleep on the roofs in summer, that can change the guy's life.

I read that about 40 million people in Pakistan do not have electricity, which speaks for itself, and at the same time they have surplus electricity that they would spend on Bitcoin mining, the profit of which they would then spend on new weapons or something similar...

It's not that Pakistan is the only country that has such illogicalities, but it just goes to show that their problems (of any kind) will not go away until they change into a society where everyone should have the basic conditions to live a decent life. Then they wouldn't need the IMF and could do whatever they wanted with their electricity.

[General_Bitcoin]

~snip~
PK can go do what it wants with Bitcoin mining, or not. It will not change the life of the guy in the street. Fixing their grids so people don't sleep on the roofs in summer, that can change the guy's life.

I read that about 40 million people in Pakistan do not have electricity, which speaks for itself, and at the same time they have surplus electricity that they would spend on Bitcoin mining, the profit of which they would then spend on new weapons or something similar...

It's not that Pakistan is the only country that has such illogicalities, but it just goes to show that their problems (of any kind) will not go away until they change into a society where everyone should have the basic conditions to live a decent life. Then they wouldn't need the IMF and could do whatever they wanted with their electricity.

I have to be agreed with you partially but still many good things are happening in Pakistan which are not highlighted by media due to conspiracy, but one thing is surely they are depended on IMF, and they can't go against them in many cases.
This project has never been going to be realistic because of involvement of too much electricity because its already have corrupt system and worst structure which is not giving things on merit.
Pakistan can stand alone without IMF and also capable of having enough sources which can allow them to do bitcoin mining but this needed strong system and many other changes which are not possible in quick way the best thing is crypto is still illegal tender in Pakistan after announcement by State Bank of Pakistan.

[Kagaru]

I read that about 40 million people in Pakistan do not have electricity, which speaks for itself, and at the same time they have surplus electricity that they would spend on Bitcoin mining, the profit of which they would then spend on new weapons or something similar...

It's not that Pakistan is the only country that has such illogicalities, but it just goes to show that their problems (of any kind) will not go away until they change into a society where everyone should have the basic conditions to live a decent life. Then they wouldn't need the IMF and could do whatever they wanted with their electricity.

At the end of the day, Bitcoin mining is only a small portion of one huge puzzle. When millions of people cannot even access basic power then we are in the position of putting the cart before the horse when we emphasise mining. Repairing the infrastructure and providing people with reasonably good living conditions should be done at the first place. Absent that it is difficult to envisage just how all these crypto projects can have any benefits to the ordinary man in the street. The root issue is the inequality and resources scarcity that drag countries behind and until this is resolved, one will not be able to start improving things through mining and exotic technologies and the like.

[bbc.reporter]

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.

This speaks of the bitcoin maximalist's mind which is not connected to reality heheheh. This might be caused by their very closed echo chamber where they only speak to people who will agree to them and rejecting any reasonable arguments if someone talks about bitcoin.

This is very headshaking behavior. The IMF will not become an irrelevance because they are the central banks of all central banks. There is a central bank in each country controlled by the most powerful bankers of their corresponding countries.

[buwaytress]

I read that about 40 million people in Pakistan do not have electricity, which speaks for itself, and at the same time they have surplus electricity that they would spend on Bitcoin mining, the profit of which they would then spend on new weapons or something similar...

It's not that Pakistan is the only country that has such illogicalities, but it just goes to show that their problems (of any kind) will not go away until they change into a society where everyone should have the basic conditions to live a decent life. Then they wouldn't need the IMF and could do whatever they wanted with their electricity.

And even those who do have to deal with outages. Those who were richer, or expats, as I unfortunately was at one point, have access to generators. And those generators need diesel or LNG, which, again, the richer people don't have to line up for hours to get.

So much problems that Bitcoin mining really isn't going to solve, or even channel anything to the people who really need it.

I have to be agreed with you partially but still many good things are happening in Pakistan which are not highlighted by media due to conspiracy, but one thing is surely they are depended on IMF, and they can't go against them in many cases.
This project has never been going to be realistic because of involvement of too much electricity because its already have corrupt system and worst structure which is not giving things on merit.
Pakistan can stand alone without IMF and also capable of having enough sources which can allow them to do bitcoin mining but this needed strong system and many other changes which are not possible in quick way the best thing is crypto is still illegal tender in Pakistan after announcement by State Bank of Pakistan.

Ah yes, conspiracy. I lived there for years and people insisted I was a CIA agent. Even today it's all Pak army this and that. Or India this and that.

I won't pretend to know what works or what can change things but the solution has very little to do with Bitcoin or the IMF. As you say, there are systemic issues to fix first.

[Agbe]

ImF has been severely accused by many countries of been a tool of economic stagnancy through their financial policies especially when it comes to giving out of loans one thing that I have learnt from most of these world bodies is that they don't really want the economic stability and freedom of any country, so any country that tries to pull out of the circle they try to  bully them with sanctions

[batang_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

They're not cooperative and supportive if the loan is related to Bitcoin or even any other cryptos. That's because their focus is not about any investment that a country should look at. Or, they still don't acknowledge the potential of Bitcoin as an investment that could also make a country's significant asset expand through it. But let's see if Pakistan is going to do the "El Salvador way" of asking this loan from the IMF.

[MusaPk]

The IMF doesn't want to support crypto because they think Bitcoin is a threat. They don't want to see something that they can not control. If Bitcoin become a payment system globally, IMF may lose their control in money and countries can change the use of fiat to Bitcoin. But this will not stop to Pakistan and they will search for the other ways to running their plan. IMF may lose its power among the other countries. That is not our business because that is far from us and we can only think or speculate of what will happen to that. Maybe I am wrong of this.

The main issue with Pakistan is that they are heavily dependent on IMF loans because of bad economy. IMF dictate Pakistan in almost every field and it's very difficult for such a country to make a decision on Bitcoin (crypto) adoption. In March this year, Pakistan government formulated Pakistan crypto council to find a way towards crypto adoption and later CZ was made strategic advisor to the Pakistan Crypto Council (PCC) but now it looks difficult that Pakistan will be moving towards crypto adoption very soon. The government official towards end of March clearly said that crypto is still illegal in Pakistan after IMF pressure to clear government position on crypto.   

[NotATether]

The IMF and all central banks hate all crypto. This is not surprising, and we should all be unwed against these parasites who are making the system worse for all of us.

I don't care if it's Bcash, Eth, Monero users (except for Ripple fanboys I guess since they are literally in bed with the banking system - I saw one tweeting we should be happy that Brad Garlinghouse is going to the Senate FFS!), we all have to stand united against resisting this anti-progressive force that is the IMF and the World Bank.

Two heads of the same dragon.

[Lucius]

I read that about 40 million people in Pakistan do not have electricity, which speaks for itself, and at the same time they have surplus electricity that they would spend on Bitcoin mining, the profit of which they would then spend on new weapons or something similar...

It's not that Pakistan is the only country that has such illogicalities, but it just goes to show that their problems (of any kind) will not go away until they change into a society where everyone should have the basic conditions to live a decent life. Then they wouldn't need the IMF and could do whatever they wanted with their electricity.

And even those who do have to deal with outages. Those who were richer, or expats, as I unfortunately was at one point, have access to generators. And those generators need diesel or LNG, which, again, the richer people don't have to line up for hours to get.

So much problems that Bitcoin mining really isn't going to solve, or even channel anything to the people who really need it.
~snip~

Addressing priorities is not something that many countries can be proud of, even those much richer than Pakistan. The floods raging in Texas these days show that even rich countries like the US do not allow their citizens to receive warnings in time, and that some areas cannot even receive warnings because they simply do not have a mobile signal. In addition, when a smart guy reduces the number of people who are involved in weather forecasting, then you have such tragic events.

On the other hand, both countries invest huge money in a bunch of weapons, which only shows that ordinary people are not a priority for them.

[Akbarkoe]

Logically if the IMF supports Bitcoin then it is the same as suicide, just like you support your enemy to defeat you, so it is very unlikely that the IMF supports Bitcoin because it will defeat them, replace them and destroy them.

They will do everything they can to keep fighting Bitcoin, they will fight until the end to save the system they have built so far.

[bbc.reporter]

Logically if the IMF supports Bitcoin then it is the same as suicide, just like you support your enemy to defeat you, so it is very unlikely that the IMF supports Bitcoin because it will defeat them, replace them and destroy them.

They will do everything they can to keep fighting Bitcoin, they will fight until the end to save the system they have built so far.

It appears that you also are not connected to the occurrences of reality. What is presently happening is very much far from how the cryptospace was when I have joined this community. On 2015, everything was about the takedown of banks and the disruption of the traditional financial system. However, the occurrences presently are big banks and investment firms similar to the Blackrock are entering the cryptospace, having slowly control on it and with venture capitalists' extraction games that are keeping us poor!

[Minor Miner]

Logically if the IMF supports Bitcoin then it is the same as suicide, just like you support your enemy to defeat you, so it is very unlikely that the IMF supports Bitcoin because it will defeat them, replace them and destroy them.

They will do everything they can to keep fighting Bitcoin, they will fight until the end to save the system they have built so far.

Is the IMF against gold? I don't think they are against gold. Bitcoin is considered digital gold.

How will Bitcoin beat, replace or destroy them when Bitcoin is just an investment like any other investment like stocks, gold...? Meanwhile, the IMF is a financial institution with the mission of supporting macroeconomic stability, promoting international trade, supporting poverty reduction and helping countries develop...Can Bitcoin do that? Can Bitcoin provide loans and economic solutions to struggling countries like El Salvador? Can Bitcoin help a country escape poverty? Why is El Salvador willing to abandon some bitcoin-friendly policies and turn to the IMF for help in growing its economy?

It seems that many people do not know what the IMF is and what its mission is, and are naive to think that bitcoin can replace them.