Developing countries should ban banks from holding crypto and restrict ads, UN body UNCTAD said, on the grounds that lost taxes and risks to financial stability outweigh any benefits of digital asset use. By jackschickler
Developing countries should introduce widespread restrictions on crypto usage given the risks to tax collection, monetary policy and financial stability, and ban banks from holding crypto, the United Nations’ development arm said in three reports published Thursday., UNCTAD, warns that the rising use of crypto for domestic payments, and by migrant workers sending funds back home, challenges states' authority in monetary matters, and may cause “leakage” of development funds.
“The benefits that cryptocurrencies may bring to some individuals and financial institutions are overshadowed by the risks and costs they entail, particularly in developing countries,” UNCTAD said, citing risks such as tax evasion and losses from price swings that might need to be bailed out by central banks.
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