adobestock 457013561 editorial use only Ban Crypto Ads and Register All Crypto Wallets, UN Report Tells Low-Income Countries

Ban Crypto Ads and Register All Crypto Wallets, UN Report Tells Low-Income Countries

– The UN Conference on Trade and Development recently published a report on the perils of unregulated cryptocurrencies, recommending that low and middle-income countries prohibit all advertisements for cryptocurrencies and regulate crypto wallets.

– According to the UN report, the arrival of digital currencies during the pandemic came with attendant risks associated with monetary sovereignty, macroeconomic stability, and public policy.

– The UN report highlighted that stablecoins posed the highest risk for developing countries, where there is “unmet demand for reserve currencies.”

– To minimize the risks to emerging economies, the report had several recommendations: 1) mandatory registration of crypto wallets and exchanges, 2) levying cost-prohibitive fees and taxes on crypto trades and transactions, and 3) prohibiting stablecoin sales by banks and traditional financial institutions.

– It also exhorted countries to ban crypto-related ads on social media and in public arenas like buses, as the United Kingdom has moved to do.

 

 

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