UNCTAD Wants To Curb Crypto Adoption In Developing Countries. Of Course They Do
The United Nations’ UNCTAD wants developing economies to do as they say, not as they do. In a shocking document, the United Nations Conference on Trade and Development tries to convince the poorer countries to keep out of crypto. Arguably, the best technology to help them grow financially. In classic gaslighting fashion, the UNCTAD downplays […]
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The UN organization is urging countries with emerging economies to implement regulation to head off the potentially destabilizing influence of cryptocurrency. The United Nations Conference on Trade and Development (UNCTAD) released a policy brief Wednesday on cryptocurrency. It is the third brief in a row the agency has dedicated to crypto, and together they represent a detailed assessment of the risks crypto presents for developing economies and options for resolving those risks.UNCTAD Policy Brief No. 102, dated July but newly released, argues that although cryptocurrency can facilitate....
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.
UN Trade Body’s Crypto Policy Recommendations
The United Nations Conference on Trade and Development (UNCTAD) urged authorities in developing countries worldwide to take action to prevent the widespread use of cryptocurrencies last week.
UNCTAD is a....
The latest data from the United Nations Conference on Trade and Development (UNCTAD) suggest that Kenya has the highest proportion of crypto-owning inhabitants than any other African country. To counter the growing use of cryptocurrencies, UNCTAD said it recommends the imposition of taxes that discourages crypto trading. ‘A Way to Protect Household Savings’ According to the data in the latest (UNCTAD) policy brief, Kenya’s digital currency ownership as a share of the population of 8.5% is the highest in Africa and the fifth-highest globally. Only Ukraine with 12.7%,....
The United Nations Conference on Trade and Development (UNCTAD) has warned that the U.S. Federal Reserve’s interest rate hikes and the slew of other central banks raising rates, could pose harm to the global economy. UNCTAD calculated that for every Fed basis point rise, the economic output of wealthy countries declines by 0.5%, and for poorer countries, the value of all sales of goods and services is reduced by 0.8% for a duration of three years. UNCTAD Report Criticizes Central Bank Rate Hikes During Global Economic Downturn Monetary tightening measures may not be a good idea....
In terms of Crypto Adoption, the developing countries are not behind. Emerging crypto markets in West Africa, such as Nigeria and Kenya, are leading the fronts in adoption. Chainalysis reported that Nigeria and Kenya ranked among the top 20 countries in the crypto adoption index. More countries in West Africa are joining the league. Ghana, […]