💰 #Crypto could be revolutionising the way we pay.
🚨 But is it doing more harm than good?
🇸🇻 While nations like El Salvador are embracing crypto like #Bitcoin, others such as Russia are starting to crack down.
Here’s why countries and authorities are sounding the alarm. 🧵
1️⃣Crypto could weaken the economy
@IMFNews has urged El Salvador to drop #Bitcoin as a legal tender, citing "large risks".
🇵🇰Pakistan's central bank argues cryptocurrency trading could mean more money flowing out of the country.
news.trust.org/item/202201260…
2️⃣ Citizens may need more protections
🇸🇬 Singapore's @MAS_sg has deemed crypto "highly risky and not suitable for the general public".
☪️ In Indonesia, top clerics say that paying using crypto is unlawful in Islam, because they carry elements of uncertainty and harm.
3️⃣ Currencies need more regulation
🇮🇳India's PM @NarendraModi is calling to regulate crypto so they don’t fall into "wrong hands".
🇦🇺 Australia is also creating a framework which will allow the purchase and sale of assets in a regulated environment.
news.trust.org/item/202201260…
4️⃣ Worsening climate change
⚡️ Mining crypto guzzles energy and fuels carbon emissions.
💡 Several countries, including Iran and Kosovo, have suffered blackouts and power shortages in recent months, and authorities are blaming it on the practice.
news.trust.org/item/202201260…
5️⃣ Crypto could fuel crime
🇷🇺 Russia - the world's third-largest player in bitcoin mining - argues that cryptocurrencies can be used in money laundering or to finance terrorism.
⭕️ Other nations like China, India and Turkey have raised similar concerns.
news.trust.org/item/202201260…
🔴 The risks aren’t stopping #crypto supporters around the world.
🇸🇻 When the @IMFNews urgent El Salvador to ditch #Bitcoin, president @NayibBukele fired back with a meme, making it clear he had no intention to remove the coin as legal tender.
Which #crypto risk are you most concerned about?
⭕️ Which countries are clamping down on #cryptocurrencies? Read @RinaChandran’s full factbox. 👇
news.trust.org/item/202201260…
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