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Digital Currency: 7% of the country’s population has digital currency, crypto threatens monetary sovereignty

Digital Currency: Even though the Government of India has not yet given legal recognition to cryptocurrencies. There should be a delay in the arrival of digital currency of RBI. Despite this, 7 percent of the country’s population has digital currency. According to the report released by the United Nations, there has been a huge increase in the use of cryptocurrencies during the Corona epidemic around the world. During this time, the number of people investing in cryptocurrencies has also increased in India.

Digital currency with 7.3% of the population
UN Trade and Development Organization UNCTAD has said in its report that in 2021, 7.3 percent of India’s population has invested in digital currency like cryptocurrencies. And in terms of holding digital currency, it is in seventh place among the top 20 countries of the world. Ukraine has the highest 12.7 percent of the population invested in digital currency. So 11.9 percent in Russia, 10.3 percent in Venezuela, 9.4 percent in Singapore, 8.5 percent in Kenya and 8.3 percent in America have digital currency.

Increased use in countries like India
The report states that the use of cryptocurrencies has increased all over the world during the Corona epidemic. Especially in developing countries. According to the report, these private digital currencies have helped in remittances but are a volatile financial asset that brings with it social risks and costs. The recent decline in cryptocurrencies has revealed the dangers of holding digital currency.

Cryptocurrencies threaten monetary sovereignty
The report echoed the RBI’s stand that if cryptocurrencies become a medium of payment and unofficially replace the domestic official currency, it could threaten the monetary sovereignty of the country. Let us tell you that the RBI Governor has on several occasions called cryptocurrencies a threat to the financial system and stability of the country.

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