United Nations Children’s Fund will consider the threats because of crypto
UNICEF will now start its new initiaves against the misue of crypto assets in illegal child abuse and trafficking.
Despite huge volatility in the prices of crypto assets, adoption is surging rapidly. The whole crypto industry is associated with opportunities and also risks with the same factor. This crypto Industry is in its initial phase, so almost every sector is considering creating rules and regulations to adopt and prohibit the negative influence of the crypto industry.
UNICEF (United Nations Children’s Fund) published its report on “Prospects for children in 2022”. Through the published report, UNICEF considered all those global aspects which can bring very big issues or influences on children. These aspects are included the crypto industry also.
Through its published report, Unicef clearly shows that adoption and better regulation of this industry needed to consider in the financial inclusion with the new child safeguards.
The report also noted that cryptocurrencies grabbed huge traction globally. Around 87 countries are popularly using it by the end of 2021. With the adoption of crypto and blockchain, many Central banks are doing experiments with it like Central Bank Digital Currency (CBDCs). UNICEF believes that a similiar kind of growth and adoption of the crypto industry will take place in 2022.
“A potential alliance between governments, large banks and investment firms against challenger banks and blockchain-based finance could arise in many countries.”
Report also noted that a better push in this industry took place because of the recent covid-19 pandemic situation in the world.
UNICEF also expects that in the future government, big companies, and financial institutions will collaborate more closely to adopt this industry. And also collaboratively they will create better rules and regulations.
“These developments will eventually require the emergence of national and international legal and regulatory frameworks. As we wait to see what direction these trends take us in, the implications for children hang in the balance.”
UNICEF noted that the crypto industry is still unregulated and few bad actors are actively misusing crypto assets in child trafficking, sexual exploitation, the sale and purchase of content depicting child abuse.
On such things, UNICEF suggested:
“Now is the time to begin incorporating cryptocurrency and digital currency child safeguards into online child protection initiatives.”
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