7. 3% of indians owned digital currency in 2021, 7th highest in the world: un

In India, 7.3 percent of the population owned digital currency in 2021, ranking seventh in the list of top 20 global economies for digital currency ownership as share of population. “Global

use of cryptocurrencies has increased exponentially during the COVID-19 pandemic, including in developing countries,” UNCTAD said. In three policy briefs published on Wednesday, it said that

while these private digital currencies have rewarded some and facilitate remittances, they are an unstable financial asset that can also bring social risks and costs. The policy brief

titled 'All that glitters is not gold: The high cost of leaving cryptocurrencies unregulated' examines the reasons for the rapid uptake of cryptocurrencies in developing countries,

including facilitation of remittances and as a hedge against currency and inflation risks. “If cryptocurrencies become a widespread means of payment and even replace domestic currencies

unofficially (a process called cryptoisation), this could jeopardise the monetary sovereignty of countries,” it said. In developing countries with unmet demand for reserve currencies,

stablecoins pose particular risks. For some of these reasons, the International Monetary Fund has expressed the view that cryptocurrencies pose risks as legal tender, it said.