The International Monetary Fund (IMF) has opposed the plans of the Pacific state of the Marshall Islands to issue its own national currency as the second mean of payment after the dollar.
It claims that the unstable economic situation of the republic and dependence on relations with the United States are two major arguments against cryptocurrency.
After consulting with government officials, the IMF noted that the economy of the Marshall Islands is highly dependent on external assistance because of constant climate changes and natural disasters.
The IMF argues that in the case of cryptocurrency implementation the national bank of the Marshall Islands risks losing its correspondent relations with the United States.
According to the international organization, if the state does not develop comprehensive anti-money laundering measures when issuing its own cryptocurrency, the US Central Bank can break off any ties with the republic.
Also, the decision of the Marshall Islands government, that it made back in February this year, can shake the macroeconomic stability and financial integrity of the state.
According to the annual report of the IMF, the organization does not believe that cryptocurrencies represent a threat to global economic stability.