Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks

Volume/Issue: Volume 2023 Issue 037

Publication date: February 2023

ISBN: 9798400234804

$20.00

Add to Cart by clicking price of the language and format you'd like to purchase

Available Languages and Formats


English

Prices in red indicate formats that are not yet available but are forthcoming.

Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Finance , Economics- Macroeconomics , Money and Monetary Policy , Economics / General , crypto assets regulation , asset substitution , CBDCs in Latin America and the Caribbean , Policy recommendation , cypto assets , IMF working paper 23/37 , Virtual currencies , Central Bank digital currencies , Digital currencies , Payment systems , Currencies , Caribbean , Central America , South America , Global

Also of interest

WORKING PAPERS PUBLISHED IN APRIL 2004

WORKING PAPERS PUBLISHED IN DECEMBER 2005

WORKING PAPERS PUBLISHED IN DECEMBER 2004

Summary

After providing a general overview of the nature, pros, and cons of crypto assets and CBDCs, this paper focuses on documenting their recent experience in LAC. The region records a high interest in unbacked crypto assets and stablecoins and its authorities’ policy responses have varied substantially, ranging from the introduction of Bitcoin as legal tender in El Salvador to their prohibition in many other countries worried about their impact on financial stability, currency/asset substitution, tax evasion, corruption, and money laundering. This paper also describes briefly the results of a survey on CBDCs’ introduction plans and crypto assets regulation. Finally, this paper presents some general lessons and policy recommendations for the region on the regulation of cypto assets, digital currencies and cross-border payments, and on the potential introduction of CBDCs.