According to CoinDesk, central banks in Latin American countries such as Mexico and Colombia said that although cryptocurrencies have not exactly reduced financial risks in emerging markets, the response strategy should be regulation rather than a total ban. Cryptocurrency use is more common in developing countries due to exchange rate fluctuations and insufficient banking services. Chainalysis data shows that of the 20 regions with the highest cryptocurrency use in the world, only two are from developed countries, and the rest include Vietnam, Brazil and India. However, the study pointed out that the promise of cryptocurrency to fight inflation and provide low-cost payments is only part of its "illusory appeal."

A research report released by the Bank for International Settlements (BIS) in Basel stated that crypto assets play an amplifying role in financial risks in developing countries and recommended regulating the field rather than banning it outright.