Middle-income individuals from inflation-hit developing countries own or hold cryptocurrencies because these are seen 'as a way to protect household savings.' stablecoins
in the latest policy brief, Kenya’s digital currency ownership as a share of the population of 8.5% is the highest in Africa and the fifth-highest globally. Only Ukraine with 12.7%, Russia , Venezuela , and Singapore have a higher proportion of crypto-owning residents than Kenya.As the data shows, South Africa is the second-ranked country in Africa and eighth globally, with 7.1% of the population that owned or held cryptocurrencies in 2021.
Meanwhile, in a report on its findings, UNCTAD acknowledged that cryptocurrencies have grown in their popularity because they are “an attractive channel through which to send remittances.” The UN agency also said it found that middle-income individuals from inflation-hit developing countries own or hold cryptocurrencies because these are seen “as a way to protect household savings.
“Finally, if left unchecked, cryptocurrencies may become a widespread means of payment and even replace domestic currencies unofficially [a process called cryptoization], which could jeopardize the monetary sovereignty of countries. The use of stablecoins poses the greatest risks in developing countries with unmet demand for reserve currencies,” UNCTAD noted in the policy brief.
To minimize some of these risks, UNCTAD said it recommends “the mandatory registration of crypto-exchanges and digital wallets.” The agency also recommended imposing “entry fees for crypto-exchanges” or levying taxes on cryptocurrency trading. Doing this would make the use of cryptocurrencies less attractive, UNCTAD said. Other recommendations include restricting cryptocurrency advertisements and the issuing of a central bank digital currency .
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