The ban on cryptocurrencies is not effective in the long run: IMF

The ban on cryptocurrencies is not effective in the long run: IMF

On June 22, the IMF reported the advantages of CBDCs and pointed out that they could reduce the transfer costs and improve financial inclusion.

It also states that cryptocurrencies have to be regulated so that digital assets are certainly part of the payment system.

"While some countries have completely banned crypto-assets in view of their risks, this approach may not be effective in the long run."

crypto does not work

The United Nations finance agency, which is working on a global CBDC platform, said that the regions should "instead concentrate on the drivers of crypto demand" instead of prohibiting them.

Demand included the unfulfilled digital payment requirements of the citizens and the improvement of transparency by recording crypto-asset transactions in national statistics.

The report focused on the introduction of CBDC in Latin America and the Caribbean. These regions are "at the top of the introduction of digital money and offer valuable teachings for the rest of the world," the report says.

Investigations of the IMF showed that four Latin American countries-Brazil, Argentina, Colombia and Ecuador-were one of the top 20 in the global introduction of crypto-assets.

Pro crypto countries are looking for the advantages that offer digital assets. This includes protection against uncertain domestic macroeconomic conditions and the bypass of capital controls.

In addition, according to the IMF, crypto-assets ensure improved financial inclusion for population groups without bank details, cheaper and faster payments and a stronger competition.

The IMF recognized the risks of cryptocurrencies and advocated strict regulations for the new investment class. In addition, the advantages of CBDCs were highlighted:

"If CBDCs are well designed, you can strengthen the user -friendliness, resilience and efficiency of payment systems and improve financial inclusion in LAC."

The report represents a blatant contrast to the prospects in the United States, which seem to be determined to destroy the young industry as a whole.

outlook on the cryptom market

The cryptoma markets ended the week with a maximum after they had maintained the profits made this week. The total capitalization has hardly changed in the last 24 hours and is still $ 1.21 trillion.

Bitcoin could not hold the $ 30,000 mark and fell by one percent to $ 29,903 at the time of writing. However, the asset has increased considerable 17 % in the past seven days. Meanwhile, the rest of the market also cooled down from the epic rally this week.

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