At 7.3%, Indians Are The 7th Highest Cryptocurrency Owners In The World, Reveals UN Report

About 7.3% of India¡¯s population owns cryptocurrency, according to the UN, which said that the use of cryptocurrency rose globally at an unprecedented rate during the pandemic

The United Nations Conference on Trade and Development (UNCTAD) body said that in 2021, developing countries accounted for 15 of the top 20 economies when it comes to the share of the population that owns cryptocurrencies. India ranked seventh among global economies in digital currency ownership as a share of population, TOI report mentioned.

In three policy briefs published a couple of days ago on Wednesday, it said that while these private digital currencies have rewarded some and facilitate remittances, they are an unstable financial asset that can also bring social risks and costs.

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It said that recent shocks in the market suggest that there are private risks to holding crypto, but if the central bank steps in to protect financial stability, then the problem becomes a public one.

As per the list, Ukraine tops as the nation with most cryptocurrency owners, with 12.7% of the population owning crypto. Next on the list is Russia at second spot, with 11.9% of the population owning cryptocurrency. Third placed on the list is Venezuela with 10.3% population owning crypto. Singapore (9.4%), Kenya (8.5%) and USA (8.3%) followed the list at third, fourth, fifth and sixth positions. India was placed at seventh, with 7.3% of the population owning cryptocurrencies as of 2021, as per the UNCTAD.

The UN list revealed top 20 economies¡¯ share of population owning cryptocurrencies. After India at the 7th place, the list next included South Africa (7.1%),Nigeria (6.3%), Colombia and Vietnam at 6.1% to conclude the top 10 list. The next 10 in the list include-Thailand (5.2%),UK (5%), Brazil (4.9%),Pakistan (4.1%), Philippines (4%), Republic of Korea (3.8%),Peru and Belarus at 3.7% and Australia (3.4%).

UN Lists Steps To Curb Crypto Expansion

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Also Read: Germany Ranked Most Crypto-Friendly Country

Keeping in mind the threats cryptocurrencies bring to financial stability, domestic resource mobilisation and the security of monetary systems, UNCTAD also laid out the following actions in order to curb the expansion of cryptocurrencies in developing countries.

1.Ensure comprehensive financial regulation of cryptocurrencies through regulating crypto exchanges, digital wallets and decentralized finance, and banning regulated financial institutions from holding cryptocurrencies (including stablecoins) or offering related products to clients.

2.Restrict advertisements related to cryptocurrencies, as for other high-risk financial assets.

3.Provide a safe, reliable and affordable public payment system adapted to the digital era.

4.Agree and implement global tax coordination regarding cryptocurrency tax treatments, regulation and information sharing.

5.Redesign capital controls to take account of the decentralised, borderless and pseudonymous features of cryptocurrencies.

Also Read: Iran Places $10 Million Import Order Using Cryptocurrency

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