The use of cryptocurrencies has increased at an unprecedented rate around the world during the Corona pandemic. In India also a large number of people invested in this digital currency. In 2021, 7.3% of the Indian population had cryptocurrency.
The United Nations trade and development body UNCTAD said in a report that 15 of the top-20 economies in terms of the share of the population holding cryptocurrencies include developing economies. India ranks seventh in the list, while Pakistan is at 15th with 4.1%. UNCTAD says that the use of cryptocurrencies has increased rapidly throughout the world during the Corona period. It also includes developing countries.
Ukraine tops crypto population:
Singapore at the forefront of developed countries:
Being used to fight inflation:
The report said that digital currency is being used to fight inflation. But, the recent drop in it suggests that there are personal risks to holding crypto. The problem becomes public when the central bank takes steps to improve financial stability.
Threats to the monetary sovereignty of countries:
If cryptocurrencies become a widespread means of payment and unofficially replace domestic currency, it could threaten the monetary sovereignty of countries. This is the reason why the International Monetary Fund (IMF) has already expressed its concern about cryptocurrencies. To avoid the dangers of cryptocurrencies, UNCTAD has advised that developing countries should maintain cash flow. There should be no laxity in the issuance and distribution of cash.
Need to curb expansion in developing countries:
Digital currency has benefited some people. Still, the risk is high. Crypto is undermining domestic resource mobilization efforts in developing countries. Tax evasion may be encouraged. In such a situation, there is a need to stop the expansion of crypto in developing countries.
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source https://spotlight7.com/business/cryptocurrency-7-3-of-the-population-in-india-has-cryptocurrency-7th-in-the-world-ukraine-leads/
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