A recently published policy brief from the United Nations recommended developing nations take action against crypto, warning of risks associated with leaving the industry unregulated. In the document titled “All that glitters is not gold,” first published in June, the United Nations Conference on Trade and Development (UNCTAD) stated the disadvantages posed to these nations by cryptocurrencies far outweigh the benefits they may bring to individuals and financial institutions. And the document goes as far as to suggest developing nations require the mandatory registration of all crypto wallets and ban advertisements related to cryptocurrencies. “This is not about approving or disapproving [of crypto] but pointing out that there are social risks and costs associated with cryptocurrency,” Penelope Hawkins, an economist and senior economic affairs officer at UNCTAD told Decrypt. “This is a recommendation that applies to any speculative or high-risk financial products where returns are uncertain.”
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