The popularity of crypto is higher in corrupt nations, claims IMF in a report
The International Monetary Fund or IMF, an organization of 190 countries, working to foster global monetary cooperation and secure financial stability, has released a report claiming that the usage, adoption, and popularity of cryptocurrencies are higher in corrupt nations.
Crypto and corruption
The new report from the IMF seems to bring an insight into the usage of crypto in nations that are deemed as corrupt in nature. The regulatory coalition pointed out that the huge surge in the popularity of cryptocurrencies has both negative and positive effects. The report from IMF read:“The pseudonymity of crypto-assets makes them a potential vehicle for illicit flows, including flows of proceeds from corruption. This pseudonymity is not an intrinsic feature of the underlying technology, but rather a choice made in the design and practice of most currently existing crypto-assets.”The IMF revealed that it had surveyed more than 110,000 people in about 55 nations to figure out what they think about crypto and its usage. It held polls for around 2,000 and 12,000 people in each of these nations to take a look at the impact of cryptocurrencies on the mindsets of investors. This study also revealed:
“Residents of countries where the traditional financial sector is well developed may be less likely to feel the need for crypto.”
IMF expresses its concerns
The IMF has expressed its concerns regarding crypto assets for a long time now. Cryptonary first reported in January that the IMF had concerns regarding the adoption of Bitcoin as legal tender in El Salvador and that it would bring great harm to financial stability, financial integrity, and consumer protection.On the other hand, they have also called for a ‘comprehensive, consistent, and coordinated’ approach’ to regulate the crypto space and bring justice to investors.
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