The most recent beguiling wisps are named variously “cryptocurrencies” – to denote the use of cryptographic methods and technology – or “virtual currencies” (VCs) – to denote their lack of legal recognition. There are, at present, more than 1,500 VCs in circulation, with dozens of new schemes being launched monthly, including initial coin offerings (ICOs).
Such a prepayment reflects the strength of economic recovery and the balance of payments positions of the crisis hit countries, which in a way provide an evidence of the Fund’s success in Asia. Yet it may also suggest that countries tend to prefer executing their own self-formulated programs when conducting reforms.