The adoption and use of cryptocurrencies has increased significantly in 2021. Even the Central American country El Salvador Bitcoin (BTC)) announced that it accepts it as legal currency.
bitcoin and cryptocurrencies increasing global adoption rate The International Monetary Fund (IMF) He did not go unnoticed and conducted a study to reveal the factors behind the use of cryptocurrencies.
The IMF conducted its research in 55 countries, with between 2,000 and 12,000 participants from each country.
made by the IMF “Crypto, Corruption, and Capital Controls: Cross-Country Correlations” In countries with high corruption and capital constraints, cryptocurrency Its use was found to be higher than in other countries.
IMF His report included the following statements:
“It has been concluded that cryptocurrencies can be used to transfer the proceeds of corruption or to circumvent capital controls.
In addition, residents of countries with a well-developed traditional financial sector were less likely to feel the need to use cryptocurrencies.”
In poor countries, where there is capital control that restricts the flow of foreign funds into and out of the country’s economy, the report also states that cryptocurrencies It was also stated that it was used to evade taxes and borders.
Finally, the IMF decided to issue a local currency of high-inflation countries. bitcoin He concluded that it is less stable than cryptocurrencies, especially cryptocurrencies.
The IMF attributes the use of Bitcoin and cryptocurrencies to bypass corruption and capital restrictions, due to the lack of uniform regulations in the cryptocurrency industry.