Author: Syedur Rahman 6 March 2023
With the International Monetary Fund (IMF) again raising the issue of giving cryptocurrency the status of legal tender, Syed Rahman assessed the challenges involved.
He explained that such a move may seem attractive to countries where inflation is rife. But he emphasised that such an approach could be difficult.
Syed said that in order for cryptocurrency to be used effectively as legal tender in developing countries, governments would have to invest heavily in both the necessary technological infrastructure and in creating a suitable regulatory framework. He added that if this could be done, such a change “will assist in financial inclusion.”
Syed acknowledged that there could be benefits if crypto was to become legal tender, such as a reduction in fees for financial transactions. He stated that cryptocurrency can undoubtedly provide an alternative means of payment if a country has a weak traditional banking system.
Syed’s comments featured in Cointelegraph.
Syedur Rahman is known for his in-depth experience of serious fraud, white-collar crime and serious crime cases, as well as his expertise in worldwide asset tracing and recovery, international arbitration, civil recovery, cryptocurrency and high-stakes commercial disputes.