Over seven per cent of India’s population owns digital currency, according to the UN, which said that the use of cryptocurrency rose globally at an unprecedented rate during the COVID-19 pandemic.
The UN trade and development body UNCTAD 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.
Ukraine topped the list with 12.7 per cent, followed by Russia (11.9 per cent), Venezuela (10.3 per cent), Singapore (9.4 per cent), Kenya (8.5 per cent) and the US (8.3 per cent).
In India, 7.3 per cent of the population owned digital currency in 2021, ranking seventh in the list of top 20 global economies for digital currency ownership as share of population.
UNCTAD urged authorities to take actions to curb the expansion of cryptocurrencies in developing countries, including ensuring comprehensive financial regulation of cryptocurrencies through regulating crypto exchanges, digital wallets and decentralised finance, and banning regulated financial institutions from holding cryptocurrencies (including stablecoins) or offering related products to clients.