UN report on cryptocurrency: A United Nations report states that the trend of cryptocurrencies has increased rapidly around the world during the covid-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 percent), Venezuela (10.3 percent), Singapore (9.4 percent), Kenya (8.5 percent) and the US (8.3 percent).  In India, 7.3 percent of the total population in 2021 had cryptocurrency and it ranks seventh in this list.

The use of cryptocurrencies has increased rapidly

UNCTAD said, 'During Kovid-19, the use of cryptocurrencies has increased very rapidly around the world, including in developed countries.' "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.

It 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.