Cryptocurrencies not a substitute for traditional money: IMF | 2019-03-20 | daily-sun.com

Cryptocurrencies not a substitute for traditional money: IMF

20 March, 2019 12:00 AM printer

NEW YORK: Despite their popularity, cryptocurrencies cannot replace traditional currencies, International Monetary Fund officials said in a survey this month, report agencies.

"Despite the hype, cryptocurrencies still don’t fulfill the basic functions of money as a store of value, means of exchange, and unit of account," Antoine Bouveret, an economist, and Vikram Haksar, an assistant director, at the IMF, said about their findings. "Because their value is highly volatile, they have little use so far."

Bitcoin, the largest cryptocurrency globally, lost as much as 80 per cent of its value from an all-time high of around $20,000 (Dh73,460) in December 2017.


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