Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks

Released on by Maximiliano Appendino
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  • Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks Book Detail

  • Author : Maximiliano Appendino
  • Release Date : 2023-02-17
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 42
  • ISBN 13 :
  • File Size : 18,18 MB
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Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks by Maximiliano Appendino PDF Summary

Book Description: After providing a general overview of the nature, pros, and cons of crypto assets and CBDCs, this paper focuses on documenting their recent experience in LAC. The region records a high interest in unbacked crypto assets and stablecoins and its authorities’ policy responses have varied substantially, ranging from the introduction of Bitcoin as legal tender in El Salvador to their prohibition in many other countries worried about their impact on financial stability, currency/asset substitution, tax evasion, corruption, and money laundering. This paper also describes briefly the results of a survey on CBDCs’ introduction plans and crypto assets regulation. Finally, this paper presents some general lessons and policy recommendations for the region on the regulation of cypto assets, digital currencies and cross-border payments, and on the potential introduction of CBDCs.

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