On June 22, the IMF reported on the benefits of CBDCs noting that they could lower remittance costs and improve financial inclusion.
It also stated that crypto needs to be regulated for digital assets to safely remain part of the payment system.
However, in conclusion, the IMF painted a positive picture of the crypto industry saying that outright bans are not effective.
“While a few countries have completely banned crypto assets given their risks, this approach may not be effective in the long run.”
Banning Crypto Doesn’t Work
The United Nations financial agency, which is working on a global CBDC platform, said that regions should “instead focus on addressing the drivers of crypto demand” rather than banning it.
Demand includes citizens’ unmet digital payment needs and improving transparency by recording crypto asset transactions in national statistics, it added.
The report focused on CBDC adoption in Latin America and the Caribbean. These regions are “at the forefront of
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