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While the war in Ukraine keeps concerns over sanctions evasion alive, the International Monetary Fund believes that governments need to retain power to impose capital controls on crypto as well as traditional assets.
In a financial stability report published Tuesday, the IMF said:
“Laws and regulations for foreign exchange and capital flow management measures should be reviewed and amended if necessary to cover crypto assets”
Citing that evasion of sanctions with the aide of crypto will become “more widespread,” the report adds:
“The war in Ukraine has brought to the forefront some of the challenges that regulators face in terms of applying sanctions and capital flow management measures,”
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Increased capital controls could potentially lead to citizens of certain crisis-hit countries like Greece and Argentina having their access to Bitcoin limited by the mercy of governments alongside ATM withdrawals and foreign currency exchanges.