The International Monetary Fund (IMF) has published a video explaining what cryptocurrency is. Besides suggesting that cryptocurrency could “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.”
IMF Explains Crypto
The IMF tweeted a video explaining what cryptocurrency is on Sunday 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. It also warns of what it sees as risks, such as anonymity and volatility. The video has garnered more than 523K views at the time of writing; it has been retweeted 5.5K times, liked 8.2K times, and received 807 comments. 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.
— IMF (@IMFNews) August 23, 2020
The video references the IMF’s F&D (Finance & Development) magazine, June 2018 edition, entitled “Money, Transformed – The future of currency in a digital world.” When that magazine edition came out, the organization posted the above video on its Youtube channel, which received little interest at the time.
Many people in the crypto space view the IMF’s video as bullish. Tweets such as “IMF learning fast. Global adoption is on its way,” “This is a big deal,” and “They are finally understanding blockchain and cryptocurrency are not going away” flooded Twitter. One user wrote: “I still can’t believe I see this. IMF shills cryptocurrencies, of course, not bitcoin yet, but that time will come too.”
Since the IMF’s crypto explainer video does not mention any specific cryptocurrency, many commenters took the opportunity to promote their favorite coins.