IMF Guidelines for Crypto Adopted in Brazil

The Central Bank of Brazil has adopted the guidelines for cryptocurrency classification by the International Monetary Fund (IMF). This move will make the traded cryptocurrencies to be classified as non-financial products and accounted for goods on the central bank’ balance sheet. IMF chief economist Gita Gopinath commented, “If you look particularly at countries that are not reserve currency countries, would this lead to backdoor dollarization?…”

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