Ukraine, Russia Top In Percentage Of Population Owning Cryptocurrencies

According to UNCTAD, the use of cryptocurrencies worldwide has grown exponentially amid the pandemic, including in developing countries. Ukraine ranks first in the percentage of the population that owns cryptocurrencies worldwide.

About 12.7% of Ukraine’s population owns cryptocurrencies, according to a recent report by the United Nations Conference on Trade and Development (UNCTAD). UNCTAD also said that the global use of cryptocurrencies has been on a strong upward trend during the COVID-19 pandemic.

Thus, according to UNCTAD’s report, Vietnam has the 11th highest percentage of the population owning cryptocurrencies in the world, just above Thailand (5.2%). In Southeast Asia, Singapore has the highest percentage of the population that owns cryptocurrency at 9.4% (4th highest in the world).

According to a UNCTAD report, 15 of the 20 countries with the most significant percentage of the population owning cryptocurrencies are in the group of developing countries. The organization identified two reasons cryptocurrencies are well received: their ability to support fast, low-cost money transfers, and many people see them as a way to “hide” from inflation.

However, as highly volatile financial assets, cryptocurrencies can carry many risks and costs. Therefore, the report recommends that countries take timely action on policies to minimize risks.

Specifically, UNCTAD recommends that countries exercise comprehensive financial control over cryptocurrencies by managing cryptocurrency exchanges, e-wallets, and decentralized financial instruments. At the same time, countries should prohibit financial institutions from holding cryptocurrencies (including stablecoins) or providing related products to customers.

The report also encourages restrictions on advertising related to cryptocurrencies and encourages countries to deploy safe, stable, low-cost payment infrastructures in digital transformation.

At the same time, countries need to adopt tax-related policies for digital assets and redesign capital management practices that consider the decentralized, borderless, and anonymous elements of crypto.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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