The United Nations Children’s Fund has called for child protection measures to be included in child online protection initiatives, citing financial and exploitative threats posed by unregulated cryptocurrency markets.
The UNICEF report Perspectives for Children 2022, which examines the impact of global trends on children, predicts further mainstream adoption of cryptocurrencies, “demonstrating both the promise of greater financial inclusion and the need for new measures to protect children.”
The report shows that by the end of 2021, digital currencies have generated widespread interest in 87 countries, with most jurisdictions experimenting with their own versions of central bank digital currency. UNICEF expects a similar growth trajectory in 2022, as the report says:
“In many countries, there could be a potential alliance between governments, big banks and investment firms against challenger banks and blockchain-based funding.”
The push for mass adoption of cryptocurrencies is also fueled by the economic pressure caused by the COVID-19 pandemic. Economic recovery in high-income countries will slow and accelerate this year despite future disruptions due to the pandemic, UNICEF reports.
UNICEF also looks forward to cooperation between governments, major banks and investment companies with crypto and blockchain companies:
“These developments will eventually require the emergence of national and international regulatory frameworks. As we wait to see where these trends take us, the implications for children hang in the balance.”
Through the adoption of cryptocurrencies, UNICEF recognizes the significant benefits that financial inclusion and “seamless money transfers and more instant, transparent and effective social assistance programs” bring.
However, the UN agency warns of the threats that unregulated markets pose to children’s well-being, such as the stability of financial systems and shrinking government revenues.
While calling for new child protection reforms, the report also highlights some of the possible negative impacts of unregulated operations that support child trafficking, sexual exploitation, the sale and purchase of child abuse content, and fraud and extortion of children. In conclusion, UNICEF suggested:
“The time has come to start incorporating cryptocurrency and digital currency child protection into child online protection initiatives.”
Related: Countries To Adopt Bitcoin, Cryptocurrency Users To Hit 1 Billion By 2023: Report
A Crypto.com report predicts that global crypto users could reach one billion by the end of 2022. As reported by Cointelegraph, the global cryptocurrency population has increased by 178% in 2021, rising from 106 million in January to 295 million in December.
According to a Crypto.com report, “if we extrapolate a similar growth rate in 2022, we could reach 1 billion cryptocurrency users by the end of 2022.”
The United Nations Children’s Fund has called for child protection measures to be included in child online protection initiatives, citing financial and exploitative threats posed by unregulated cryptocurrency markets.
The UNICEF report Perspectives for Children 2022, which examines the impact of global trends on children, predicts further mainstream adoption of cryptocurrencies, “demonstrating both the promise of greater financial inclusion and the need for new measures to protect children.”
The report shows that by the end of 2021, digital currencies have generated widespread interest in 87 countries, with most jurisdictions experimenting with their own versions of central bank digital currency. UNICEF expects a similar growth trajectory in 2022, as the report says:
“In many countries, there could be a potential alliance between governments, big banks and investment firms against challenger banks and blockchain-based funding.”
The push for mass adoption of cryptocurrencies is also fueled by the economic pressure caused by the COVID-19 pandemic. Economic recovery in high-income countries will slow and accelerate this year despite future disruptions due to the pandemic, UNICEF reports.
UNICEF also looks forward to cooperation between governments, major banks and investment companies with crypto and blockchain companies:
“These developments will eventually require the emergence of national and international regulatory frameworks. As we wait to see where these trends take us, the implications for children hang in the balance.”
Through the adoption of cryptocurrencies, UNICEF recognizes the significant benefits that financial inclusion and “seamless money transfers and more instant, transparent and effective social assistance programs” bring.
However, the UN agency warns of the threats that unregulated markets pose to children’s well-being, such as the stability of financial systems and shrinking government revenues.
While calling for new child protection reforms, the report also highlights some of the possible negative impacts of unregulated operations that support child trafficking, sexual exploitation, the sale and purchase of child abuse content, and fraud and extortion of children. In conclusion, UNICEF suggested:
“The time has come to start incorporating cryptocurrency and digital currency child protection into child online protection initiatives.”
Related: Countries To Adopt Bitcoin, Cryptocurrency Users To Hit 1 Billion By 2023: Report
A Crypto.com report predicts that global crypto users could reach one billion by the end of 2022. As reported by Cointelegraph, the global cryptocurrency population has increased by 178% in 2021, rising from 106 million in January to 295 million in December.
According to a Crypto.com report, “if we extrapolate a similar growth rate in 2022, we could reach 1 billion cryptocurrency users by the end of 2022.”
