IMF doesn't regard crypto as a financial asset and but are scared of it's financial power.

The IMF (International Monetary Fund) said that the digital asset class "crypto" is not been regarded by them as a financial asset but they are worried or scared that it could be used to evade sanctions, but they don't have any proof of crypto been used to evade sanctions according to Tobias Adrian, director of the IMF’s Monetary and Capital Markets department, but the truth here is the IMF was actually referring to Russia which is one of the largest Bitcoin mining countries in the world and they also have billions of dollars in crypto. The report is saying that Russia will channel its excess energy that it can not sell due to sanctions into Bitcoin mining. At least IMF acknowledged that BTC mining is lucrative, which is a good thing.

They think Russia is using crypto to evade the sanctions placed on them and that it could or might become a worldwide spread thing for crypto to be used to evade sanctions by crisis-hit countries, suggesting that the government should impose capital control that includes crypto alongside the traditional assets, all I see here is the IMF been scared of true nature of crypto, which is the ability for it to be decentralized and not been controlled by anyone or government, also governments have been looking an excuse or a way to control crypto all along but have failed, in my opinion.

But let us think about this the IMF doesn't regard crypto as a financial asset but they a scared it could be potentially used to evade financial sanctions, and they still don't see it as a financial asset how does that work? and also they still want the government to impose capital control that includes crypto and they don't still regard crypto as a financial asset?.

According to this new publication today the IMF said:

“Laws and regulations for foreign exchange and capital flow management measures should be reviewed and amended if necessary to cover crypto assets," even if currencies like bitcoin don't formally count as financial assets or foreign currency, the IMF said in a financial stability report published Tuesday.

In addition:

“The war in Ukraine has brought to the forefront some of the challenges that regulators face in terms of applying sanctions and capital flow management measures,” it added, citing the risk that crypto-based evasion will become “more widespread.”

I feel the IMF should stop focusing their energy on crypto being used as an evasion tool but look beyond that and accept crypto for its benefits because, during this same Russia and Ukraine crisis they fear crypto is been used to evade sanctions, the same crypto was used as a support system and help so many lives, crypto should not be feared but embraced, but I could still be wrong though, so I like to know your opinion on this???

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