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IMF Says Banning Crypto May Not Be Effective in Mitigating Risks

June 23 (Cointime) - The International Monetary Fund has stated that banning cryptocurrency may not be the most effective way to manage the associated risks, as it would also prevent countries from gaining the benefits. Instead, the focus should be on addressing the drivers of crypto demand, such as citizens' unmet digital payment needs, and improving transparency by recording crypto asset transactions in national statistics.

Latin American countries like Brazil, Argentina, Colombia, and Ecuador are among the top 20 for global adoption of crypto assets, but Argentina banned crypto use in May 2022. Many countries worldwide are exploring central bank digital currencies, with The Bahamas and Nigeria already issuing a CBDC and the European Union planning to release a draft law on the digital euro this month.

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