The official introduction of cryptocurrencies may give a negative reaction to the macroeconomics of developing countries

20.05.2022

The increase in the spread of digital assets in developing countries can deal a severe blow to the macroeconomic area. Coins are often used in states that have an insufficient level of development of the financial sector. The downside for the country may be the impact on the stability of the economy.

The researchers argue that assets are especially popular in countries where there is low profitability, and there are also problems in the field of banking services.

“Risks have operational problems in their structure. First of all, the presence of hacker attacks. The opportunity to implement countercyclical actions on monetary and credit policy during crisis situations has also been reduced.”

Experts in the field of cryptocurrency transactions claim that coins have a high level of popularity in countries with stable development, as they provide full storage, acceptable commission percentages and good processing speed. If the circulation of foreign currency is limited in countries, inflation is high and trust is as low as possible, then the government also often accepts digital coins.

In April, Mikhail Mishustin announced that the citizens of the Russian Federation had withdrawn funds to cryptocurrency accounts in the amount of more than 10 trillion rubles. At the same time, Russia still speaks negatively about the recognition of digital assets in the form of a payment resource.