UNCTAD, part of the UN, has published a report on digital assets in which it calls on the authorities of countries with developing economies to limit/ban their advertising.

The title of the document read: “Not all that shines is gold: the high price of unregulated cryptocurrencies.”

Analysts pointed to the risks of states losing their monetary sovereignty, shrinking policy space and the fragility of macroeconomic stability due to the popularization of digital assets.

The authors of the report emphasized that the report is political in nature, not technical, and serves to examine the risks, costs, motivations and current regulatory space from this perspective.

In addition to the ban on advertising of cryptocurrencies, experts have proposed the introduction of mandatory registration of digital wallets for users, regulation of the DeFi industry and licensing of the activities of crypto exchanges.

To reduce the attractiveness of such transactions, UNCTAD proposed increasing new or existing transaction fees and prohibiting banks from holding or offering digital assets.

Countries have been proposed to issue CBDCs to their central banks and consider the introduction of a fast payment system for the population.

Recall that the UN-sponsored Intergovernmental Panel on Climate Change mentioned cryptocurrencies as one of the risk factors for the environment.

Earlier, experts of the organization said that the attacks on bitcoin exchanges served as a source of funds for the development of nuclear programs of the DPRK.

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