Officials from the U.S., IMF, World Bank and the Bank for International Settlements argue that by adopting cryptocurrencies, nations could facilitate money laundering and undermine capital controls, while exposing their citizens to severe price volatility.
[...]
Dong He, Deputy Director of the IMF's Monetary and Capital Markets Department, said the prospect of a sudden drop in the price of Bitcoin -- which has lost more than half its value since November -- made it unsuitable as a national currency.

"What would happen to the tax revenue? What would happen to your obligations to spend on social services?" said He, who declined to address the anti-crypto provisions in Argentina's letter to the fund.
[...]
[G7] Activists and [*coin] investors ... contend that the reservations of the world's monetary stewards have less to do with protecting the well-being of citizens of the developing world than with preserving a system in which the central banks and governments of rich countries dominate the global ["messaging"] system.

"Bitcoin stands against everything the IMF stands for," said Alex Gladstein [!], chief strategy officer of the ["]Human Rights["] Foundation, an NGO that supports Bitcoin adoption sales. "It's an ["]outside money["] that's beyond the control of these alphabet soup organizations."

Celsius Network, a crypto lending margin loan business whose promise of eye-popping yields for retail consumers traders attracted a barrage of scrutiny from regulators, announced late Sunday night that it was halting withdrawals and crypto-for-crypto trading services for more than 2 million customers "due to extreme market conditions."
[...]
State and federal market regulators have targeted crypto lending strategies as a potential violation of securities law. BlockFi, a New Jersey-based platform brokerage, reached a $100 million settlement with the Securities and Exchange Commission and 32 state agencies after it was accused of selling unlicensed investment products for about three years.