The International Monetary Fund (IMF) is changing its tune on cryptocurrency. After suggesting other countries consider banning crypto, the agency now thinks that might be the wrong move. 

On Thursday, IMF economists released a report examining cryptocurrency usage across Latin America and the Caribbean. Acceptance has varied in the region with some countries, like El Salvador, being more open to adoption versus others that are more wary over the perceived risks involved. In their report, the economists leaned into a position closer to adopting cryptocurrencies, but within a well-regulated framework. 

“While a few countries have completely banned crypto assets given their risks, this approach may not be effective in the long run,” the economists said in the report’s conclusion.

This is a swift change from the IMF, which just months earlier said in another report that countries should consider banning cryptocurrencies. That view was held by a handful of directors on its board, but the consensus even then leaned towards better regulations over a ban. 

In yesterday’s report, IMF economists said that cryptocurrency offered a number of benefits to its adopters. They wrote that crypto offered protection against macroeconomic uncertainty, promoted financial inclusion, and faster payments among other benefits. 

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Author: Nicholas Morgan

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