Cryptocurrency should in general not be granted legal tender status, the International Monetary Fund’s (IMF) Executive Board said in a statement Thursday.

The board – 24 directors elected by the IMF’s member countries – earlier this month had been presented with a staff paper that warned of the risks crypto poses to monetary policy, tax collection, financial stability and consumer protection.

“Directors generally agreed that crypto assets should not be granted official currency or legal tender status in order to safeguard monetary sovereignty and stability,” the statement said, calling for countries to clarify tax treatment and align with global standards.