IMF gives guidance to Andorra to record and monitor Bitcoin transactions
According to reports, the International Monetary Fund (IMF) has provided technical advice to Andorra on recording Bitcoin transactions in response to their assistance request. In September 2023, the IMF conducted a technical assistance (TA) mission in the Principality of Andorra, with the aim of strengthening the country's balance of payments statistics. This indicator mainly records economic transactions between residents and non-residents. Andorra needs technical assistance in 56 areas, one of which is the inability to record cryptocurrency transactions. Andorra's financial regulatory agency needs approval to allow banks to conduct such transactions, although no requests have been made yet. The IMF recommends monitoring crypto assets until 2024 and warns against using unsupported cryptocurrencies as national currencies. The IMF recommends that Andorra adopt a regional digital currency scheme and warns against hastily introducing CBDC due to lack of preparation.
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