The Economic Commission for Latin America (Cepal) has urged Latin American governments to implement regulatory frameworks on their platforms linked to cryptocurrencies in order to promote competition and counteract “the abuse of market power.”
The call is due to the impact that digital platforms such as cryptocurrency trading and use, payment systems, crowdfunding and others have generated for access to financing in these times of pandemic, in order to democratize access for the population.
The international body attached to the United Nations (UN) and in charge of promoting economic development in the region, assures that digital tools have gained preponderance in the economy in recent years, taking on a greater boom in times of quarantine.
“In the crisis caused by the pandemic, competition policy faces important changes, many of which may endure and require a review of the regulatory and institutional frameworks,” says the Cepal.
For this reason, it is of the utmost importance “to generate the normative and regulatory frameworks that avoid the abuse of market power derived from the concentration and encourage competition.”