According to the UN, over 7% of India's population owned digital currency in 2021, ranking seventh in the list of top 20 global economies for digital currency ownership as share of population. The use of cryptocurrency rose globally at an unprecedented rate during the COVID-19 pandemic.
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. Ukraine topped the list with 12.7%, followed by Russia with 11.9%, Venezuela with 10.3%, Singapore with 9.4%, Kenya with 8.5%, and the US with 8.3%.
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).
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