Andorra has received recommendations from the IMF on the regulation of cryptocurrencies

The International Monetary Fund (IMF) has provided advisory assistance to Andorra on registration and conducting transactions with bitcoin.

According to the document, in September 2023, the agency conducted a technical assistance mission to the Principality of Andorra in order to improve the country's balance of payments. The country needed help on 56 topics, one of which was the inability to register cryptocurrency transactions.

"Representatives of the IMF gave recommendations on accounting for such crypto assets. Information was provided on how this procedure will change in the next generation of international standards," the document says.

The Andorra Financial Authority (AFA) has informed the IMF that local banks need prior permission to register transactions with bitcoins and other digital assets. The agency added that no bank has sent a request for such permission.

As a result, the IMF proposed that AFA monitor cryptocurrency transactions until September 2024. The organization's recommendation for monitoring digital assets has been given medium priority. According to the document, Andorra will be able to use this information to compile its macroeconomic statistics.

A recent IMF study showed that digital currencies can help Pacific island nations meet their currency needs.

The department said that developing a regional approach to digital money would help mitigate issues such as scalability constraints and economic volatility. However, the IMF warned against using unsecured crypto assets as the national currency.

Source: https://incrypted.com/andorra-poluchila-ot-mvf-rekomendacii-po-regulirovaniyu-kriptovalyut/