Financial ratings agency Moody's warned Wednesday that the adoption of cryptocurrencies could lead to excessive fragmentation of the payment system and weaken financial stability, especially in countries with weaker macroeconomic structures.

The investment service of this agency assured that cryptocurrencies are increasingly being used by countries with lower sovereign debt ratings, as they can facilitate domestic transactions and make them faster, more convenient and cost-effective.

In addition, Moody's, cited by Lusa, pointed out that cryptocurrencies facilitate inclusion and benefit countries where much of the population lacks banking infrastructure, especially with the expanded use of cell phones and the rise of digital technologies.

However, the financial rating agency warned that this "growing adoption of digital assets also puts macroeconomic stability at risk."

"The risks associated with cryptocurrency adoption may increase macroeconomic instability for sovereign countries with weaker macroeconomic structures, particularly where cryptocurrencies may be used to avoid capital controls, weakening policy effectiveness," Moody's vice president stressed, quoted in a press release.

Among the risks pointed out are operational ones, such as fraud, reduced government control in the supervision of the financial system, less central bank control over the money supply, or a greater difficulty in applying counter-cyclical monetary policies in times of crisis.

Moody's also noted that remittances represent another area where cryptocurrency can be an alternative to traditional currencies, particularly in remittance flows from less developed markets, as they offer the potential to send remittances faster and at reduced costs.