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IMF Study Shows That Crypto Usage Is More Prominent in Corrupt Countries

Quick take:

  • International Monetary Fund calls for stricter regulation for the crypto industry.
  • IMF pointed out the prevalent use of digital assets in corrupt countries.

With the global crypto adoption and the growing crypto market, the $2 trillion economy has gone beyond some countries' control of regulations and frameworks. International authorities are worried about the lack of a common framework for crypto globally.

IMF state that even though some countries have implemented the necessary actions to keep an eye on the crypto realm, some corrupt countries have failed to do so.

IMF takes a deeper look at the possibilities of corrupt usage of crypto

Crypto has been used as a mode of payment in several countries where terrorism, money laundering, and crypto frauds are more prevalent. It is primarily due to the fact that it is almost impossible to track who is sending money to whom.

But, this myth has been slowly busted as authorities seek help from crypto exchanges and investigative authorities to track down the culprit to the root. But scammers and frauds launder their money through privacy-centric crypto exchanges to evade the KYC requirement and get away with their crimes.

The IMF has recently surveyed 55 countries and concluded that crypto assets might be used to circumvent capital controls and corruption and fraud proceedings. IMF connected with up to 12,000 from each country to see the popularity of digital assets in 2020. The IMF asked for a more robust and common crypto regulation for all countries. 

IMF suggests that the countries should bring in a more comprehensive regulation that includes transparency and license of crypto exchanges and firms. It might be the easiest way to track and monitor crypto transactions to ensure that it is not used for illicit activities.

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