A UN trade body has recommended a set of policy actions to 'curb the expansion of cryptocurrencies in developing countries.' crypto bitcoin $BTC
A United Nations trade body has recommended a set of policy actions to “curb the expansion of cryptocurrencies in developing countries.” The intergovernmental group stressed that if cryptocurrencies become a widespread means of payment, it could jeopardize the monetary sovereignty of countries.The United Nations Conference on Trade and Development urged authorities in developing countries worldwide to take action to prevent the widespread use of cryptocurrencies last week.
UNCTAD is a permanent intergovernmental body established by the United Nations General Assembly in 1964. It is part of the U.N. Secretariat. The group reports to the U.N. General Assembly and the Economic and Social Council. UNCTAD has 195 member states and 204 projects in 70 countries, its website shows.
“Global use of cryptocurrencies has increased exponentially during the Covid-19 pandemic, including in developing countries,” the group noted. “While these private digital currencies have rewarded some, and facilitate remittances, they are an unstable financial asset that can also bring social risks and costs.”If cryptocurrencies become a widespread means of payment and even replace domestic currencies unofficially , this could jeopardize the monetary sovereignty of countries.
“While cryptocurrencies can facilitate remittances, they may also enable tax evasion and avoidance through illicit flows, just as if to a tax haven where ownership is not easily identifiable,” UNCTAD described. “In this way, cryptocurrencies may also curb the effectiveness of capital controls, a key instrument for developing countries to preserve their policy space and macroeconomic stability.”
The trade body explained that it has released three related policy briefs. One, published on June 13, outlines the
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