The International Monetary Fund recommends that countries not grant cryptocurrencies, such as bitcoin, legal tender status.

The IMF did so as part of a nine-point action plan on how countries should treat cryptoassets.

The financial agency’s Executive Board made recommendations to IMF member countries during its discussion of the document “Elements for an Effective Crypto-Asset Policy.”

The IMF said action was needed after the collapse of several cryptocurrency exchanges and assets over the past couple of years.