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197 sats \ 3 replies \ @go 11 Aug 2022 \ on: UN Recommends Policy Action To Halt Crypto Expansion In Developing Countries bitcoin

UN “Policy Recommendations”

Developing countries may have less room to manoeuvre, yet the regulation of cryptocurrencies is possible. The following policies, among others, have the potential to curb the further spread of the risks of cryptocurrencies and stablecoins:
(a) Ensuring comprehensive financial regulation, through the following actions:
  • Require the mandatory registration of crypto-exchanges and digital wallets and make the use of cryptocurrencies less attractive, for example by charging entry fees for crypto-exchanges and digital wallets and/or imposing financial transaction taxes on cryptocurrency trading;
  • Ban regulated financial institutions from holding stablecoins and cryptocurrencies or offering related products to clients;
  • Regulate decentralized finance (such finance may, in fact, not be fully decentralized, given its central management and ownership, which form an entry point for regulation18);
(b) Restricting or prohibiting the advertisement of crypto-exchanges and digital wallets in public spaces and on social media. This new type of virtual, and often disguised, advertisement requires policymakers to expand the scope of regulation beyond traditional media. This is an urgent need in terms of consumer protection in countries with low levels of financial literacy, as even limited exposure to cryptocurrencies may lead to significant losses;
(c) Creating a public payment system to serve as a public good, such as a central bank digital currency. In the light of the regulatory and technological complexity of central bank digital currencies and the urgent need to provide safe, reliable and affordable payment systems, authorities could also examine other possibilities, including fast retail payment systems.
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141 sats \ 0 replies \ @nerd2ninja 11 Aug 2022
Holy crap
  1. Registration
  2. Prohibit ownership
  3. Censorship
  4. Offer iron grip control as only option
Basically what I just read.
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137 sats \ 0 replies \ @om 11 Aug 2022
There's another report which is basically part 2:
  1. To improve taxpayer compliance rates and combat tax evasion, tax authorities should clearly define the legal status of cryptocurrencies and require cryptoexchanges, e-wallet providers and DeFi platforms to report gross inflows and outflows on all business and personal accounts.
  2. Given the fast-evolving nature of cryptocurrencies and their ecosystem, countries urgently need to agree and implement a global tax cryptocurrency regulation that considers the needs and challenges of developing countries and gives them adequate representation.
  3. Apart from global tax coordination, a comprehensive system of information sharing on cryptocurrency holding and trading is necessary, such as through a common reporting standard. Such measures would support countries to detect evasion of capital controls and enforce taxes.
These three recommended policies are also crucial to the effectiveness of two other initiatives:
  1. Although cryptocurrencies may facilitate remittances, given the negative socioeconomic impact these private digital currencies bring about, countries should consider imposing higher taxes on them in comparison to other financial assets to discourage holding and transacting cryptocurrencies.
  2. Countries should redesign their capital controls to include flows channelled through cryptocurrencies. Alternatives include imposing financial tax on cryptocurrency trading and limiting the amount of individual transactions on cryptoexchanges. Moreover, central bank digital currencies could be designed to allow for the functioning of capital controls. Without adapting to new digital alternatives, the effectiveness of these controls may be undermined.
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16 sats \ 0 replies \ @go 11 Aug 2022
“…and yet, bitcoin lives on“ -IMF 2021
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