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February 08, 2016, 05:29:31 PM |
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UN Report on Digital Currencies Calls to Balance Regulation and Innovation
Last week, the UN Economic Commission for Latin America and the Caribean (ECLAC) released a report titled “Opportunities and risks associated with the advent of digital currency in the Caribbean” studying the issue of digital currencies, as well as their risks and opportunities they may possibly give to the Caribbean subregion.
The purpose of the report is to provide local decision makers a balanced assessment of advantages and risks inherent in digital currencies. The document also discusses application of the technology both in the Caribbean and on global scale considering increase of its use.
Outlining the lack of fintech infrastructure in the region and recognizing its unfortunate status as a commonly-recognized offshore haven, the report recalls its predcessors issued by the European Banking Authority and the Bank of England, as well as covers regulation and taxation issues present in New York BitLicense, US FinCEN, and Canadian regulations.
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