The International Monetary Fund provides technical advice to Andorra on recording Bitcoin transactions

ChainCatcher news, according to Cointelegraph, the International Monetary Fund (IMF) has provided technical advice to Andorra on recording Bitcoin transactions to enhance its balance of payments statistics.

Andorra's financial regulatory authority needs to approve banks for such transactions, although no requests have been made yet.

The IMF recommends monitoring crypto assets until 2024 and warns against using unsupported cryptocurrencies as national currencies. The IMF advises Pacific island nations to adopt regional digital currency schemes and cautions against hastily introducing central bank digital currencies due to lack of preparation.