In general, cryptocurrencies should not be granted legal tender status, the executive board of the International Monetary Fund (IMF) said in a statement on Thursday. The board, made up of 24 directors elected by IMF member countries, presented a working paper earlier this month warning of the risks cryptocurrencies pose to monetary policy, taxation, financial stability and consumer protection. According to the statement, the directors generally believe that in order to maintain monetary sovereignty and stability, encrypted assets should not be granted official currency or legal tender status. Strict prohibition is not the best option, cryptocurrency risks can be reduced through targeted restrictions. But some board members believe that "the possibility of a complete ban cannot be ruled out." The statement also said that regulation should not stifle innovation and that governments can benefit from the underlying digital technologies. The IMF has previously worried that cryptocurrencies could be used to evade government capital controls and has discouraged countries such as El Salvador from adopting bitcoin as an official currency.