UN trade body calls for halting cryptocurrency rise in developing countries

UNITED NATIONS: The UN trade and development body, UNCTAD, has called for action to curb cryptocurrencies in developing nations, in three policy briefs published on Wednesday.

Although private digital currencies have rewarded some individuals and institutions, they are unstable financial asset that can bring social risks and costs, the agency warned.

UNCTAD said their benefits to some are overshadowed by the threats they pose to financial stability, domestic resource mobilization, and the security of monetary systems. (UN News)