“While several countries have banned crypto-assets entirely because of risks, this approach may not be effective in the long term,” the report’s authors say.
In a study of the cryptocurrency industry in Latin America and the Caribbean, the IMF concluded that states that ban digital currencies are depriving themselves of the benefits associated with this new type of asset. Digital currencies of central banks can solve many problems, says IMF. Digital currencies have the potential to increase citizens’ access to financial services;
“When properly designed, CBDCs can improve the usability, sustainability, and efficiency of payment systems,” the report’s authors write.
At the same time the IMF stressed: cryptocurrencies need to be regulated to remain a safe part of the payment system.
According to the IMF, Brazil, Argentina, Colombia and Ecuador are among the top 20 countries with the highest use of crypto assets in 2022;
The IMF recently said the agency is working on an infrastructure concept that will ensure interoperability of settlements in digital currencies issued by national central banks;
Earlier the Digital Currency Monetary Authority (DCMA) of the IMF announced its intention to launch Unicoin Universal Currency Unit (UMU), which will be a legal tender for cross-border settlements;