7.3% Of Indians Owned Digital Currency In 2021, 7th Highest In World, Says UN

Subject : International Organization

Section: International body

According to the UN trade and development organization UNCTAD, in 2021, 15 of the top 20 economies in terms of the percentage of the population that owns cryptocurrencies were developing countries.
The UNCTAD stated that while some people have benefited from these private digital currencies and they have made remittances easier, they are an unstable financial asset that also carries social risks and costs.
The monetary sovereignty of nations may be at risk if cryptocurrencies take off as a common form of payment and even informally displace national currencies (a process known as cryptoisation).

UNCTAD

United Nations Conference on Trade and Development (UNCTAD) was established in 1964 to promote development-friendly integration of developing countries into the world economy.
UNCTAD is a permanent intergovernmental body headquartered at Geneva in Switzerland.
Some of the reports published by it are:
- Trade and Development Report
- World Investment Report
- The Least Developed Countries Report
- Information and Economy Report
- Technology and Innovation Report
- Commodities and Development Report