Banning Crypto Assets May Not Be Effective in The Long Run, Says IMF

The International Monetary Fund (IMF) appears to be adopting a more measured approach towards cryptocurrencies as the digital assets landscape evolves.

In a blog post published Thursday, June 22, the global lender discussed the potential effectiveness of banning crypto assets calling for a more receptive approach to managing them. Delving into Latin America and Caribbean (LAC) region, the lender highlighted the progress made by countries such as Bahamas, Brazil and Jamaica, stating that LAC countries are leading the way in crypto adoption, with several nations introducing CBDCs to enhance financial inclusion, strengthening payment systems, and reducing cross-border remittance costs.