UN warns against rapid adoption of crypto in developing nations

crypto-coins

The UN has warned against the rapid uptake of cryptocurrencies in emerging economies due to the ways in which they divert money away from development. 

The global use of cryptocurrencies increased exponentially during the pandemic. Among the top twenty countries with the highest share of the population that own digital currencies, Ukraine came first (12.7%), followed by Russia (11.9%) and Venezuela (10.3%). 

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“Financial leakages” into crypto hamper domestic resource mobilisation, the

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