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UN calls for limiting crypto advertisements

UN calls for limiting crypto advertisements

The United Nations organization UNCTAD published a report on digital assets urging authorities in emerging economies to restrict or ban crypto advertising.

As stated in the UN report, analysts highlighted the risks of loss of states' monetary sovereignty, reduced policy space, and the vulnerability of macroeconomic stability due to the popularization of digital assets.

The report's authors emphasized its political rather than technical nature, examining risks, costs, motivations, and the current regulatory landscape from this point of view.

Besides banning advertising of cryptocurrencies, experts suggested introducing mandatory registration of digital wallets of users, regulating the DeFi sector and licensing activities of cryptocurrency exchanges.

To reduce the attractiveness of such transactions, UNCTAD recommended introducing new or increasing existing trade fees and prohibiting banks from holding or offering digital assets.

Central banks were invited to issue CBDC and explore implementing a rapid payment system for the public.

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