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1. How do the letter of credit transactions tell the role of the banks in international commerce? 2. Should bitcoins be treated as currency? Why? 3. Both Abixia and Bleya are members of the IMF and WTO. Bleya has been accusing Abixia of manipulating its currency in order to gain unfair trade advantages in exporting to Bleya. Last year, Abixia had a trade surplus of USD100 billion in its trade relations with Bleya. Bleya brought a complaint to the WTO's Dispute Settlement Body (DSB), alleging that Abixia's monetary policy with respect to the valuation of its currency was inconsistent with its obligations under the WTO law. However, the DSB did not rule in favor of Bleya. Bleya now intends to ask the IMF to intervene to declare that Abixia's currency practice violates the relevant rules in the IMF's Articles of Agreement. Explain the legal regime in the IMF law governing currency policy and currency manipulation.

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