7.3% of Indians hold digital currency

In India, 7.3% of the population will have digital currency in their possession by 2021, according to the United Nations Trade and Development Agency (UNCTAD). Ukraine tops the list. 12.7% of its people own digital currency. Following Ukraine, 11.9% of people in Russia, 10.3% in Venezuela, 9.4% in Singapore, 8.5% in Kenya, and 8.3% in the United States have digital currency.

Fifteen of the top 20 economies holding cryptocurrencies by population are developing countries. India is ranked 7th. During the Covid-19 pandemic, there was a massive increase in cryptocurrency transactions worldwide. However, since the value of a digital currency is changing every moment, it is dangerous from both social and economic points of view, said the report entitled ‘All that glitters is not gold (All that glitters is not gold) published by UNCTAD on Wednesday. The United Nations has warned that the widespread use of cryptocurrencies and their unofficial replacement of domestic currencies will threaten the country’s financial sovereignty.