India Ranked 7th In The List Of Top 20 Global Economies In Digital Currency Ownership
According to a recent study by the United Nations Trade and Development (UNCTAD), more than
7% of Indians held digital currency.in the form of cryptocurrencies in the year 2021.
Also, India was ranked seventh in the list of top 20 global economies for digital currency ownership by
share of population. Ukraine.topped the list, followed by Russia,.Venezuela, Singapore, Kenya and the US.
Developing countries account for.15 of the top 20 economies whose.populations participate in.cryptocurrencies. The global use of.cryptocurrencies has grown rapidly.during the COVID-19 pandemic,.including in developing countries.
Private digital currencies have rewarded some and facilitated.remittances, but they are a volatile
financial asset that can also bring.social risks and costs. Since these.digital currencies are not
regulated, their demand has.increased rapidly in developing.countries as it helps to facilitate. remittances and acts as a hedge.against inflation.