Litecoin (LTC) Acknowledged as Payment Token by IMF, Community Says It’s Unofficial

Libra Coin News
Fri, 08/09/2019 - 11:08
Yuri Molchan
The International Monetary Fund (IMF) has called Litecoin a payment token, however, the community doubts that it is official
Cover image via U.Today

A co-founder of Litecoin, Xinxi Wang, has recently tweeted that the International Monetary Fund (IMF) has finally admitted Litecoin to be a payment token and actually approved of LTC.

The data comes from the IMF report where Litecoin is called a digital method of payment. However, the LTC community has expressed its strong doubts.

Community’s opinions split

The report comes from late October 2018 and for some reason the fact of the IMF ‘pleasing’ LTC by calling it means of payment has not been widely noticed until now.

In the comment thread, many express their joy and excitement about the news, sending congratulations to the Litecoin Foundation. 

Image by Twitter

However, many point out that the report was issued last year and that the fact of admitting LTC as a payment token is far from official. What is more, LTC was mentioned there only as an example.

Image by Twitter

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Things are good for LTC anyway

Even though Litecoin was indeed mentioned as an example and probably was not officially recognized by the IMF, still the regulatory body shows it is prepared to make such a recognition of crypto assets happen in the future. Unlike other agencies that claim cryptocurrencies to be backed by nothing but thin air.

A few days ago, the Litecoin team led by the founder Charlie Lee conducted a scheduled halving on the Litecoin chain. At present, the rewards for miners have dropped by half and now total 12.5 LTC instead of 24. LTC prior to that.

Many in the community believe that in the near future this will have a positive effect on the LTC price, since now there are fewer coins emitted and the asset has become scarcer than before.

Charlie Lee said that the next halving would take place in 2023. Meanwhile, the community is looking forward to the Bitcoin halvening in 2020. Crypto experts call this event as one of the drivers that will make the BTC price surge.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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