The Devil talks about cryptocurrencies and how to control them

A little too dramatic I know, but I'm just quoting a president. For real.  

The International Monetary Fund (IMF) is an institution that can be seen from many perspectives, depending on your political views it can be an important global institution or as president Hugo Chávez use to refer to it: The Devil's hand.*

*Actually, president Chavez called president George W Bush The Devil at the United Nations, and the IMF and World Bank as its hands/tools. So even though the expression is not a literal quotation, if you ever listened to Chávez talk about the IMF you would knew that's what he meant.  

No matter what your position is, we can agree the IMF represents the banks, Wall Street, governments, the Top 1% and everything that can describe the current global financial system, thus everything that Bitcoin and other cryptocurrencies come to replace. We are talking about an organization that represents all the regulations, centralization and top-bottom policies, everything the crypto community and crypto economy is against to. Bitcoin started as a project with ideas to build something different from what these type of financial players had done with our global economy. 

So there is an obvious antagonism between these two, the International Monetary Fund and Bitcoin, we could say they represent past and future, central government control vs the blockchain, a battle between the economic interest of the establishment and whatever future we can design with the blockchain and cryptocurrency techonology. Now, I would say it is necessary for the survival of organizations like the FMI, in a future with no need of a central government backed economy, a way to get control of this or imitate it in a form where they can regulate it. 

Interesting enough to my thoughts, look what I see today on the news: 

"International Monetary Fund (IMF) Proposes Central Bank Digital Currencies (CBDCs) to Crush Rise of Cryptocurrencies"

First thought: You gotta be kiddin' me. 

A couple weeks ago, the FMI published a Staff Discussion Note called "Fintech and Financial Services : Initial Considerations", a view on the market of the cryptocurrencies and its rise, with the main idea of proposing a Central Bank to bring "order" to the several financial tokens and the Bitcoin economy, or something like that. And this is how they want to survive, I imagine they think like "lets make the same things we do now, but to digital tokens!". 

The paper pretty much describes a Central Bank (CBDC) to regulate all:

“The introduction and potential proliferation of private virtual currencies might, in one view, threaten to erode the demand for central bank money and the transmission mechanism of monetary policy. A CBDC may forestall such private virtual currencies or relegate them to a secondary role in the payments system. This threat is not imminent given the current transactions domain and limitations of existing private virtual currencies and their likely medium-term growth. Stability and safety considerations connected to this proliferation may, however, be relevant in the medium run but could presumably be dealt with by other measures.” 

The paper tackle, once again, the difficulty to "trust" in a economy with such volatile rate. The challenge on making an economy like this without an authority that secures the environment for the market. The IMF notes:

” …in their current form, virtual currencies are not likely to be adequate stores of value given the volatility in their exchange rates to fiat money. This same volatility would undermine hub-and-spoke networks, as two “foreign exchange rate” conversions are needed: when the token is acquired, and when it is sold. Even if the virtual currency is held for very short periods, the transaction involves foreign exchange rate risk. FX risk could potentially be hedged, although costs could then rival those of correspondent bank transfers.” 

What is the discussion now?

The crypto tokens and Distributed Ledger Technologyt (DLT) have brought tools to design an alternative economy system and exponentially different from what we use right now. As the soon future goes, this is a financial environment to radically change the way we move, spend and invest capital. How are proposal like this gonna change the evolution of the crypto economy?