Criticisms Arise for IMF Education Video on Cryptocurrencies

The International Monetary Fund, in years past, created a video to inform the public that cryptocurrencies will overtake other forms of money.

The video, which talked about the merits and demerits of cryptocurrency, has gotten some criticisms after it was found on the social media again.

The first time the IMF posted this two-minute video was in June 2018 but It came up again on its Twitter account yesterday (Aug 23). The video emphasized on crypto to be the next form of money and it did so without defining crypto terms such as decentralized ledger, blockchain and some token names. Viewers were also not happy because there wasn’t much mention of Bitcoin, Ripple, and Ethereum.

Out of 137,000 people that watched it, only 2,900 liked the video. It has received few likes so far because it is said that the IMF video didn’t communicate the concept of cryptocurrency effectively and some of its explanations on crypto terms are wrong.

A Reddit user called nanooverbtc said: “They get so many things wrong, like calling private keys passwords,”

Nothing about mining or coin supply was also said in the video. According to Pierre Rochard, a strategist at Kraken: “provable scarcity is what makes Bitcoin interesting, you forgot to mention that.”

The one who spoke for IMF said crypto is better than fiat because it is a faster means of transaction, does not include high charges, and guarantees user privacy. Viewers did not agree with the tutor when it was said that the system couldn’t be fooled because some risks actually exist and some transactions can never be traced to their owners.

Teddy_swits and others on Reddit complained that the video dwelt more on the demerits of crypto. He also didn’t like how the speaker gave an entirely negative description of volatility.

What people said about the two-minute IMF video is just like the reactions that were gotten from the TV advert released by Grayscale Investment some weeks ago. Viewers of Grayscale Investment’s 30-second video said it would have been better if the history of currency was cut and replaced with information about Bitcoin and the benefits of crypto for preventing the effects of inflation.

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