IMF Will Help Andorra Control Crypto Circulation
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The International Monetary Fund strongly urges for the prohibition of cryptocurrencies as a form of payment, stating that their legalization could cause instability in the financial sector.
In response, they have provided assistance to Andorran regulators by developing guidelines for controlling the use of digital currencies.
The Andorran Financial Authority has confirmed cooperation with the IMF and will require all banks to obtain a license for processing cryptocurrency transactions, although none have applied for one yet.
The IMF has also urged countries in Asia and Africa, such as El Salvador, to repeal laws recognizing cryptocurrencies as legal tender and warned against their integration into financial systems.
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