IMF Economists Advise Against Crypto Bans, Encourage Addressing Demand
Economists at the International Monetary Fund (IMF) have cautioned against the outright banning of cryptocurrencies, stating that such measures may not be effective in the long term.
In an article authored by IMF economists, they highlighted the varying levels of crypto adoption and regulations across Latin American and Caribbean (LAC) countries.
While acknowledging the challenges and risks associated with crypto adoption, especially in countries with macroeconomic instability and low institutional credibility, the economists emphasized the need to address the drivers of crypto demand, such as citizens’ unmet digital payment needs.
They also recommended improving transparency by including crypto asset transactions in national statistics rather than implementing blanket bans.
Clever Robot News Desk 24th June 2023