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Jimmy Song, a well-known Bitcoin influencer and developer, commented on the news surrounding International Monetary Fund and India. Recently, it was reported that the International Monetary Fund [IMF] and the World Bank launched their own cryptocurrency, Learning Coin, which would have no monetary value. Moreover, the currency would be based on a private blockchain, thereby limiting its use within the institutions.
On this, Song stated that the IMF already has a “shitcoin” called the Special Drawing Rights, which was a “disaster” as the US Dollar was the reserve currency of a majority of the Central Banks and added that only the Central Bank of Canada had “decent amount” of SDR’s. According to Wikipedia, Special Drawing Rights are “supplementary foreign-exchange reserve assets defined and maintained by the International Monetary Fund”. He said,
“[…] it’s kind of a weird situation. I don’t know what they’re trying to do it really sounded a lot like airline miles to me. Like they’re trying to like create some sort of like you know special thing that you can only redeem on their side something like that […]”
In terms of crypto-India, the National Payments Corporation of India [NPCI] was reportedly considering the implementation of blockchain technology to enhance its payment networks. On this, Song stated India was on the same line as IMF and the World Bank, adding that several Central Banks were “gonna go towards this direction”. He stated the reason to be surveillance, and explained that these central authorities “wanted to know what all of their citizens were doing with their money”. He said,
“[….] they can like sort of stop transactions […] this is in a sense the ability to control the trade of everybody in their country and that’s something that governments are going to increasingly want to do of course. They’ll say ‘oh it’s gonna be more convenient and it’s going to be more stable’ […] it’s a way to take away more of our personal liberties”
Jimmy Song further stated,
“[…] India of course is you know like banned large notes of cash [demonetization 2016] and they’re going in this direction, you can see where this is going and you know. I don’t like it one bit thankfully Bitcoin exists and that’s what’s gonna eat their lunches […]”