Capital control measures should cover crypto, IMFnews said as it warns of a loophole in Russia sanctions. jackschickler reports
Governments should ensure they have the power to impose capital controls on crypto alongside traditional assets, the International Monetary Fund said, as the war in Ukraine continues to raise concerns over sanctions evasion.
That means that citizens of crisis-hit countries like Greece and Argentina could potentially see their access to bitcoin limited alongside restrictions on withdrawing cash from ATMs or accessing foreign currency. “Laws and regulations for foreign exchange and capital flow management measures should be reviewed and amended if necessary to cover crypto assets," even if currencies like bitcoin don't formally count as financial assets or foreign currency, the IMF said in a“The war in Ukraine has brought to the forefront some of the challenges that regulators face in terms of applying sanctions and capital flow management measures,” it added, citing the risk that crypto-based evasion will become...
Though the IMF concedes that making big ruble transfers on crypto exchanges is “impractical," it warns some of those seeking to evade sanctions may turn to less scrupulous providers or use otherCrypto mining also offers the chance for emerging market countries to effectively exchange energy for bitcoin, the IMF said, adding to concerns that states' ability to halt outflows during financial turbulence could be undermined.
The report follows an IMF warning in October that underregulated crypto could cause instability and fraud. Central bankers such as European Central Bank President Christine Lagarde have previously said that crypto is being used to
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