Considering that cryptocurrencies have a positive impact on financial inclusion, it is odd then that the UN has expressed its reservations about them. The UN’s Conference on Trade and Development (UNCTAD) called for a halt to the growth of cryptocurrencies in developing countries in a recent report, saying that although private digital currencies have rewarded some individuals and institutions, they are an unstable financial asset which can bring social risks and costs.
During the Covid-19 pandemic, the use of cryptocurrencies increased at an unheard-of rate on a global scale, accelerating a trend that was already underway. There are currently about 19,000 cryptocurrencies.