Over seven per cent of India’s population owns digital currency, according to the U.N. Ukraine topped the list with 12.7 per cent, followed by Russia (11.9 per cent). UNCTAD highlighted that the use of cryptocurrencies globally has increased exponentially during the COVID-19 pandemic. Cryptocurrencies might potentially inadvertently replace national currencies, the report continued. The UN asked the relevant authorities to provide thorough financial regulation of cryptocurrencies. By regulating crypto exchanges, digital wallets, and decentralized finance as well as prohibiting authorized financial institutions from owning cryptocurrencies.
