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The International Monetary Fund says that governments should ensure that they retain controls over cryptocurrencies alongside the traditional markets to curb sanction evasion.
Source: IMF
BTCUSD is up +1.55%
The financial institution wants limited access to bitcoin and the restrictions on withdrawing cash from the ATMs in crisis-affected countries like Argentina and Greece.
The IMF notes in a financial stability report that laws and regulations about foreign exchange and capital flow management should be amended to cover digital assets.
The report cited Russian aggression as having revealed the regulators’ challenges in implementing sanctions and capital flow management.
IMF agrees that large ruble payments may not be possible in cryptocurrency exchanges but cautions that those aiming to evade sanctions may use privacy techniques like mixers.
The report notes that crypto mining also provides an opportunity for the emerging markets to exchange energy for bitcoin. The IMF added that regulators might find it challenging to stop outflows during financial instability.
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