Cryptocurrency, International Monetary Fund (Imf)

Cryptocurrency, International Monetary Fund (Imf)

Cryptos May Appear As Safer Store Of Value In Emerging Economies – IMF

Cryptos May Appear As Safer Store Of Value In Emerging Economies – IMF

10/20/2021 9:12:00 AM

Cryptos May Appear As Safer Store Of Value In Emerging Economies – IMF

International Monetary Fund (IMF) has said that weak central bank credibility and a vulnerable banking system in emerging economies can make

In a report titled ‘COVID-19, crypto, and climate: Navigating challenging transitions,’ the IMF observed that crypto adoption in some emerging markets and developing economies was outpacing that of advanced economies, driving a wave of “cryptoisation”.

South-East ready to beg for presidency – Anyim, Ezeife - Punch Newspapers Fayemi decries mass poverty, inequality in Nigeria, urges action - Punch Newspapers Sylvester Oromoni: Over 100,000 sign petition, demand swift prosecution of culprits

“Unsound macroeconomic policies combined with inefficient payment systems in some emerging markets and developing economies boost crypto adoption.“Some potential pull factors for crypto adoption, such as speculative retail investing, may be common across countries, but some of the recent drivers are likely more specific to a subset of emerging markets and developing economies. For example, weak central bank credibility and a vulnerable banking system can trigger asset substitution as domestic residents seek a safer store of value,” the IMF said.

It noted that dollarisation pressures are a persistent risk for several emerging markets and developing economies, adding, “the crypto ecosystem can help domestic residents convert some of the headwinds of traditional dollarisation -such as exchange rate restrictions and challenges in accessing and storing foreign assets – into tailwinds. headtopics.com

“For example, global crypto exchanges or other less secure methods, such as P2P transfers, can be used to bypass capital flow management measures; private wallets can act as a form of offshore bank account to store wealth.”It warned that increased demand for crypto assets could facilitate capital outflows, affecting the foreign exchange market, and said that inefficiencies in payment systems such as a lack of interoperability among various domestic payment systems are a major problem for remittances as well as trade.

Read more: LEADERSHIP Newspaper »

2023: Nollywood Stars Under Fire For Endorsing Ailing Former Lagos Governor, Tinubu For President

264 million in Nigeria, others undernourished, says IMF - Punch NewspapersThe most widely read newspaper in Nigeria Not only that... underemployed and unemployed, traumatised, half the figure killed, Nigeria not good fro human living anymore, Cow has value than humans.

United Capital, Infinity Trust, Caverton top stocks to watch this weekFidelity makes the selection for trading below its intrinsic value.

Eid-el-Maulud: Avoid reckless driving, FRSC warns motoristsThe FRSC said this as part of its sensitisation strategy to ensure a safer motoring environment during the Eid-el-Maulud celebrations. See them at the back of ghat Hilux without seat belt FRSCNigeria na waoooo

264 million in Nigeria, others undernourished, says IMF - Punch NewspapersThe most widely read newspaper in Nigeria Not only that... underemployed and unemployed, traumatised, half the figure killed, Nigeria not good fro human living anymore, Cow has value than humans.

Nnadi emerges new Ogun Customs Area Controller - Punch NewspapersComptroller Dera Nnadi has assumed office as the new Customs Area Controller of the Ogun I Command. The one wey no sabi em left and right? No be dis one dey turn around like fan? Hmmm, do Hausas/Fulani also have such names?

Kumuyi preaches education with Christian values - Punch NewspapersThe most widely read newspaper in Nigeria