Cryptocurrencies
Crypto Use Is More Prevalent in Corrupt Countries, IMF Study Finds
- IMF suggests findings support need for greater regulation
- Countries grappling with how best to regulate digital assets
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Cryptocurrencies are more popular in countries perceived as corrupt or with strict capital controls, boosting the case for greater regulation of the industry, the International Monetary Fund said in a recent report.
The report shows why countries might want to require intermediaries, such as digital currency exchanges, to implement know-your-customer procedures -- ID verification standards that are designed to prevent fraud, money laundering and terrorism financing, the organization said. Some countries, like the U.S., have already instituted those kinds of controls.