UNCTAD targets cryptocurrency in the developing world in a series of key policy briefs
The United Nations Conference on Trade and Development (UNCTAD) released a policy brief on Wednesday on electronic money. This is the third consecutive summary that the agency has dedicated to cryptocurrencies. Together, they represent a detailed assessment of the risks cryptocurrencies pose to developing economies and the options for addressing those risks.
UNCTAD Policy Brief 102, dated July but recently published, argues that while cryptocurrencies can facilitate remittances and provide financial incentives, it can also undermine mobilisation. mobilize domestic resources in developing economies by enabling tax evasion by concealing ownership of financial flows and directing them outward. of the country. The authors state succinctly, “Cryptocurrencies share all the characteristics of traditional tax havens – pseudonyms of accounts and inadequate financial oversight or weak execution.”