UN proposes to ban cryptocurrencies

Representatives of the United Nations Conference on Trade and Development (UNCTAD) have proposed that banks ban the use of cryptocurrencies. According to the UNCTAD, the costs of cryptocurrencies and possible risks exceed the benefits of their use.

According to UNCTAD representatives, world governments need to introduce additional taxes on cryptocurrency transactions, restrict advertising of digital assets, and ban banks from using cryptocurrencies. «The benefits that cryptocurrencies can bring to some investors and financial institutions are overshadowed by the risks and costs they pose, especially in developing countries,» the UN Conference on Trade and Development emphasized.

US Senator Elizabeth Warren, who in early August called on banking institutions to limit cryptocurrency transactions, would agree with the UNCTAD’s proposals in absentia, thus hoping to achieve a ban on digital assets. According to the senator, the US government needs to introduce a much stricter regulatory policy towards cryptocurrency companies. The representative of the Democratic Party urged her colleagues to sign a letter to the Office of the Comptroller of the Currency (OCC) asking them to review the methods of controlling crypto platforms.