Emerging Cryptocurrencies: The Monetary Imbalance That Worries Rating Agencies

The global expansion of emerging cryptocurrencies has reached a tipping point in developing markets. In 2024, the number of digital asset holders hit 562 million, marking a 33% annual growth. Behind these impressive numbers lies a dynamic that international monetary authorities are increasingly monitoring.

The Asymmetric Phenomenon Between Regions

The spread of emerging cryptocurrencies is not uniform. Latin America, Southeast Asia, and Africa are leading the charge, driven by three main factors: the convenience of cross-border transactions, access to digital payment systems, and protection from the erosion of local currencies’ purchasing power. This scenario is quite different from developed countries, where growth is fueled by a robust regulatory framework and institutional investment opportunities.

The Concrete Risk to Monetary Sovereignty

According to rating agency Moody’s, the proliferation of stablecoins pegged to the dollar and other fiat currencies poses a tangible threat to traditional monetary control. If massive bank deposits migrate to emerging cryptocurrency wallets, the consequences could be significant: draining of bank liquidity, reduced central banks’ ability to manipulate interest and exchange rates, and a potential fracture of overall financial stability.

The Critical Point: The Regulatory Void

The speed of cryptocurrency adoption has outpaced governments’ regulatory capacity. Moody’s warns that without rapid and coordinated regulatory interventions, the phenomenon could further intensify risks to monetary sovereignty and the financial soundness of emerging markets. The gap between technological innovation and the legal framework remains the system’s main vulnerability.