Rapid uptake of crypto in developing economies raises concerns, says IMF’s Gita Gopinath: Here’s why | Business News
The International Monetary Fund’s (IMF) first deputy managing director Gita Gopinath on Thursday flagged concerns about the rise of crypto uptake in developing economies saying that though nascent, it poses a risk in terms of currency substitution. In an interview with the Financial Times, Gopinath said “we are seeing some pretty rapid growth of uptake of crypto in some emerging markets.”
Emerging markets faced risks from crypto uptake, especially stablecoins, in terms of “disintermediation of their financial institutions,” she said. “In terms of currency substitution, those risks are rising,” Gopinath added.
Gopinath’s comments came against the backdrop of US President Donald Trump’s push for a strategic crypto reserve…
