A new report by the United Nations Conference on Trade and Development (UNCTAD) has highlighted the depth of cryptocurrency penetration in India amid the growing popularity of different digital assets. In particular, about 7.3% of the Indian population owned cryptocurrencies in 2021.
According to UNCTAD, among other countries, Ukraine ranked top with 12.7%, followed by Russia (11.9%), Venezuela (10.3%), Singapore (9.4%), Kenya (8.5%), and the U.S. (8.3%). The UN agency also stated that the ownership of cryptocurrencies in India and other countries was accelerated by the economic effects of the coronavirus pandemic with most investors believing that digital assets can offer some cushion against rising inflation. Notably, UNCTAD cited the 2022 market crash as a turning point for jurisdictions to step in and protect financial stability.#togrp7