Developing countries should take a more responsible approach to the proliferation of cryptocurrencies in their territories. The United Nations (UN) has issued recommendations in this regard, concerned about the risks posed by industry deregulation.

The publication, released by the United Nations Conference on Trade and Development (UNCTAD), was called "Not All That Glitters. The organization did not deny that cryptocurrencies have some advantages, but noted that the disadvantages and risks are much greater. In this regard, UNCTAD has made some recommendations to developing countries.

In particular, such states are invited to stop advertising bitcoin. They should also start
register all exchanges and cryptocurrency wallets. Among other things, it is important to introduce taxation on transfers in digital assets and any services related to cryptocurrencies.

In the future, following the publication, developing countries will need to focus on creating their own payment system and begin to ensure favorable conditions for the development of state-owned stablcoin. The UN cited China and its successful experience with the creation of the digital yuan as an example.