7.3% owned cryptos in India in 2021, 7th highest in world: UN
Over 7% of India’s population owns digital currency, according to the UN, which said that the use of cryptocurrency rose globally at an unprecedented rate during the Covid-19 pandemic.
The UN trade and development body UNCTAD said that in 2021, developing countries accounted for 15 of the top 20 economies when it comes to the share of the population that owns cryptocurrencies.
Ukraine topped the list with 12.7%, followed by Russia (11.9%), Venezuela (10.3%), Singapore (9.4%), Kenya (8.5%) and the US (8.3%).
In India, 7.3% of the population owned digital currency in 2021, ranking seventh in the list of top 20 global economies for digital currency ownership as share of population.
“Global use of cryptocurrencies has increased exponentially during the Covid-19 pandemic, including in developing countries,” UNCTAD said.
In three policy briefs published on Wednesday, it said that while these private digital currencies have rewarded some and facilitate remittances, they are an unstable financial asset that can also bring social risks and costs. The policy brief titled “All that glitters is not gold: The high cost of leaving cryptocurrencies unregulated” examines the reasons for the rapid uptake of cryptocurrencies in developing countries, including facilitation of remittances and as a hedge against currency and inflation risks.
It said that recent digital currency shocks in the market suggest that there are private risks to holding crypto, but if the central bank steps in to protect financial stability, then the problem becomes a public one. “If cryptocurrencies become a widespread means of payment and even replace domestic currencies unofficially (a process called cryptoisation), this could jeopardise the monetary sovereignty of countries,” it said.
In developing countries with unmet demand for reserve currencies, stablecoins pose particular risks. For some of these reasons, the International Monetary Fund has expressed the view that cryptocurrencies pose risks as legal tender, it said.
The policy brief titled “Public payment systems in the digital era: Responding to the financial stability and security-related risks of cryptocurrencies” focuses on the implications of cryptocurrencies for the stability and security of monetary systems, and to financial stability.
“It is argued that a domestic digital payment system that serves as a public good could fulfil at least some of the reasons for crypto use and limit the expansion of cryptocurrencies in developing countries,” it said, adding that depending on national capabilities and needs, monetary authorities could provide a central bank digital currency or, more readily, a fast retail payment system.
Given the risk of accentuating the digital divide in developing countries, UNCTAD urges authorities to maintain the issuance and distribution of cash.
AFP
The Disney+ streaming service saw its number of paying subscribers leap beyond expectations in the last quarter, as rival Netflix’s client count ebbed, results showed Wednesday.
The number of people subscribing to Disney+ topped 152 million, up some 31 percent from the same period a year earlier, the entertainment giant said in an earnings report.
Disney’s bottom line was also boosted by rising revenue from its theme parks, which showed signs of recovering from stifled attendance during the pandemic.
Better-that-expected earnings reported by Disney came as many of the tech titans that flourished during the pandemic curb costs in the face of inflation and people get back to living life in the real world instead of online. Disney shares were up more than 6% in after-market trades that followed release of the earnings figures.
“We had an excellent quarter, with our world-class creative and business teams powering outstanding performance at our domestic theme parks, big increases in live-sports viewership, and significant subscriber growth at our streaming services,” said Disney chief executive Bob Chapek.
The 14.4 million Disney+ subscribers added in the recently ended quarter raised the overall number of subscriptions to its streaming services, which include Hulu and ESPN+, to 221 million, Chapek added.
The overall number of subscribers to Disney streaming services topped those of Netflix for the first time.
“Investors will breathe a sigh of relief from Disney’s robust fiscal (quarterly) earnings,” said Insider Intelligence principal analyst Paul Verna.
“The streaming figures will be seen as an indicator of the health of the market, especially after lackluster subscriber figures from Netflix and Comcast.”
In an effort to draw new subscribers, Netflix said it will work with Microsoft to launch a cheaper subscription plan that includes advertisements.