The IMF is an organization with their acronym standing for International Monetary Fund. They are a worldwide organization, mainly comprised of financial powerhouses from The United States, China, UK and several other organizations. But what exactly does their presence mean to us, and what potential effects could we see in the near or even distant future?
The IMF has been around for over 70 years, first being established in 1945. It has a funding over over 660 billion USD, which is meant to stabilize global economies between different national economies. The claimed purpose of this organization is to promote global economic stability, which means very little to most of us. Often times, the effects of our local or national economy are the only ones apparent in our personal lives.
I mentioned earlier that the IMF could potentially 'end' the USD and other cryptocurrencies. In my modest opinion, I believe that cryptocurrencies will have more stability if the IMF continues its funding. The reason for this is both IMF and cryptos have their own currencies, but BOTH are backed by some sort of good or service. This is where it gets tricky. The USD is currently the global currency, yet it has NO backing. This ended in the Nixon administration, when the Federal Reserve quit backing each dollar with it's equivalence in gold.
The currency the IMF promotes is called SDR, which is an abbreviation for Standard Drawing Rights. It is a globally distributed currency that, as mentioned earlier, has a backing. It just so happens that the backing is the same one that was abolished several decades ago in the United States; gold. This gives the internationally-accepted currency such a bolstering that it will eventually cause a decline in the value of the USD. Without any backing, the global acceptance of USD is the ONLY thing keeping its value so high. These bonds have been purchased by international economies over the past 50+ years with a steady growth that shows no signs of a weakening value.
For all of you crypto junkies, this is where speculation comes into play. As you probably know, cryptocurrencies are backed by their encryption. Encryption insures the currency with a backing as well as security for private transactions.
This doesn't cover the entirety of the subject, but is a good start for those unaware of the IMF. Do your own research, and figure out if you think cryptos will be able to withstand this globally accepted gold based currency known as SDR's.
I'm still on the fence.