The International Monetary Fund warned on Friday that the introduction of digital currencies in emerging nations may lead to the "cryptoization" of local economies, weakening exchange and capital restrictions and disturbing financial stability.According to US blockchain researcher Chainalysis, Bitcoin and its siblings have surged in price and popularity in the previous year, with emerging and developing market nations like as Vietnam, Pakistan experiencing fast increase in some metrics of usage.
In principle, cryptocurrencies make moving money across borders cheaper and faster. Supporters argue that digital tokens such as stablecoins might help preserve savings from excessive inflation or currency volatility. El Salvador became the first government in the world to embrace bitcoin as legal money in September, with supporters predicting that the experiment will reduce expenses for billions of dollars in remittances transferred to the Central American country.Unsound...