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”.
“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.
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