The International Monetary Fund (IMF) has provided Andorra with technical advice on recording Bitcoin transactions in response to their request for assistance.
The IMF conducted a technical assistance (TA) mission in the Principality of Andorra in September 2023 with the aim of strengthening the country’s balance of payments statistics. This indicator primarily records economic transactions between residents and non-residents. Andorra requires technical assistance on 56 topics, one of which is the inability to record cryptocurrency transactions. Andorra's financial regulator would need approval for banks to carry out such transactions, although no request has been made yet.
The IMF recommends monitoring crypto assets until 2024 and warns against using unbacked cryptocurrencies as national currencies. The IMF recommended Andorra adopt a regional digital currency approach, warning it not to rush into introducing a CBDC due to lack of preparation. (Cointelegraph)