Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks
IMF Working Papers, February 17, 2023
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- Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks
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Bibliographic details
- Authors: Maximiliano Appendino, Olga Bespalova, Rina Bhattacharya, Jean François Clevy, Nan Geng, Takuji Komatsuzaki, Justin Lesniak, Weicheng Lian, Sandra Marcelino, Mauricio Villafuerte, Yorbol Yakhshilikov
- Published: February 17, 2023
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9798400234804.001
Executive summary and scope
- Provides a general overview of the nature, pros, and cons of crypto assets and CBDCs.
- Focuses on documenting recent experience in Latin America and the Caribbean (LAC).
- Describes results of a survey on CBDCs’ introduction plans and crypto assets regulation.
- Presents general lessons and policy recommendations for the region on:
- regulation of cypto assets, digital currencies and cross-border payments, and
- potential introduction of CBDCs.
Regional experience with crypto assets and stablecoins
- The region records a high interest in unbacked crypto assets and stablecoins.
- Authorities’ policy responses in LAC have varied substantially, ranging from:
- introduction of Bitcoin as legal tender in El Salvador, to
- prohibition of crypto assets in many other countries concerned about impacts on financial stability, currency/asset substitution, tax evasion, corruption, and money laundering.
Survey on CBDCs and regulatory approaches
- The paper briefly describes the results of a survey on:
- CBDCs’ introduction plans, and
- crypto assets regulation.
Key policy lessons and recommendations
- Presents general lessons for the region on:
- regulation of cypto assets and digital currencies,
- cross-border payments, and
- considerations for potential introduction of CBDCs.
Publication and metadata
- Authors: Maximiliano Appendino, Olga Bespalova, Rina Bhattacharya, Jean François Clevy, Nan Geng, Takuji Komatsuzaki, Justin Lesniak, Weicheng Lian, Sandra Marcelino, Mauricio Villafuerte, Yorbol Yakhshilikov
- Date: February 17, 2023
- Series: IMF Working Papers
- Issue: 037
- Working Paper No.: 2023/037
- Pages: 42
- DOI: https://doi.org/10.5089/9798400234804.001
- Stock No: WPIEA2023037
- ISBN: 9798400234804
- ISSN: 1018-5941
Source: Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks — https://www.imf.org/en/publications/wp/issues/2023/02/17/crypto-assets-and-cbdcs-in-latin-america-and-the-caribbean-opportunities-and-risks-529717
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- Working Paper