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Global Business Review Magazine
Tuesday, February 7, 2023
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Cryptoization threatens financial stability

The increasing scope for digital currencies

The International Monetary Fund said that the advent of digital currencies in emerging markets could spark cryptoization of local economies. This is upsetting financial stability. Bitcoin and its kin have soared in price and popularity over the last year. This can be seen in economies such as Vietnam, India and Pakistan. U.S. blockchain researcher Chainalysis summarized this.

Cryptocurrencies offer a cheaper and quicker way of sending money across borders. Digital tokens such as stablecoins helps in protecting the savings from high fluctuations in local currencies. El Salvador became the first country in the world to adopt bitcoin as legal tender. This happened in last September, and that too because of the backers. They tipped the experiment to lower costs for billions of dollars of remittances, which were sent to the Central American nation. The IMF said that unsound macroeconomic policies and inefficient payment systems are among the drivers of cryptocurrency adoption.

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The exact level of adoption of crypto in emerging economies was hard to gauge. Low credibility of central banks and weak domestic banking systems also contribute to growing crypto use. Dollarization is where a foreign currency is used instead of a domestic currency. The instability of a domestic currency is the driver of this process. Wide adoption of stablecoins could also pose significant challenges. This is by reinforcing existing dollarization forces as per the IMF statement. It mentioned that the dollarization can impede central banks’ effective implementation of monetary policy. This also leads to financial stability risks through currency mismatches. The IMF added that the Cryptoization could also become a threat to fiscal policy.

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After China central bank vows to crack crypto trade, Bitcoin slips

A glimpse of Cryptoverse DEX, and a brief accounting

FTX invested $300 million in Bahamas property as “personal fiefdom”

FTX invested $300 million in Bahamas property as “personal fiefdom”

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Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

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  • A glimpse of Cryptoverse DEX, and a brief accounting
  • FTX invested $300 million in Bahamas property as “personal fiefdom”
  • Ant group sees fine from China over $1 bln, suggesting overhaul is almost done
  • COP27 agreement achieves a milestone on “damage and loss,” but not more
  • Budweiser World Cup advertising is limited by Qatar’s liquor ban; not destroyed

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