Is Crypto Fueling Corruption or Helping Citizens Flee It? – Blockworks – Global DCA

Is Crypto Fueling Corruption or Helping Citizens Flee It? – Blockworks

Is Crypto Fueling Corruption or Helping Citizens Flee It? – Blockworks

IMF study finds crypto adoption is more prevalent in countries with higher corruption and capital controls. But why?.

The IMF report’s authors found both factors were practically indistinguishable in terms of their significance within the survey data. But the practical implementation of capital controls is itself a highly nuanced affair, according to Gabriella Kusz, CEO of the Global Digital Asset and Cryptocurrency Association. Just because capital controls exist doesn’t mean they are functioning well, she told Blockworks.

“Consumers understand the degree of corruption inherent in their financial sector and economy and seek a financially inclusive, transparent and independent form of exchange through crypto,” Kusz said.