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HomeBusinessShocking disclosure on digital currency in UN report, you should also know

Shocking disclosure on digital currency in UN report, you should also know

A United Nations report states that the trend of cryptocurrencies has increased rapidly around the world during the Kovid-19 epidemic. It was also told in this report that more than 7 percent of the population in India has digital currency.

UN report on cryptocurrency: A United Nations report states that the trend of cryptocurrencies has increased rapidly around the world during the Kovid-19 epidemic. It was also told in this report that more than 7 percent of the population in India has digital currency. The United Nations trade and development body UNCDAD said that 15 of the top 20 economies in terms of the share of the population holding cryptocurrencies in 2021 were developed countries.

Ukraine tops this list Ukraine tops
this list with 12.7 percent. It is 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 percent of the total population in 2021 had cryptocurrency and it ranks seventh in this list.

The use of cryptocurrencies increased rapidly,
UNCTAD said, ‘The use of cryptocurrencies has increased very rapidly throughout the world, including in developed countries, during Kovid-19.’ “If cryptocurrencies become a widespread means of payment and unofficially replace domestic currency, it could threaten the monetary sovereignty of countries,” it added.

What is Digital Currency?
Crypto currency is a means of financial transactions. This currency is like the Indian rupee and the US dollar. The only difference is that it is verbal and cannot be seen, nor can you touch it. That’s why it is called digital currency. Its entire business is done through online medium. On the one hand there is an intermediary between the transactions of currency of any country, like RBI in India. But there is no intermediary in the trading of crypto and it is conducted on behalf of a network.

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