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The United Nations Children’s Fund (UNICEF) has announced the need for new measures to protect children in connection with the massive distribution of cryptocurrencies. The institution noted that this is due to the expansion of access to decentralized finance (DeFi) services, as well as the use of digital currencies for criminal purposes.
Representatives of the fund noted that new proposals and opportunities in financial markets create threats of exploitation of children. They explained this by the fact that cryptocurrencies are not regulated, and anyone, including children, can have access to the sector. They stated this in their report “Outlook for children in 2022”.
Experts are sure that with the development of the cryptocurrency sector, it is necessary to carry out massive reforms to protect children. UNICEF said that digital assets are often used in the sale of children, sexual slavery, the sale of content that contains images of violence, as well as for many fraudulent transactions.
The paper discussed in detail the consequences of the development of global trends. According to the organization’s analysts, by the end of 2021, cryptocurrencies have aroused large-scale interest in at least 87 countries.
The vast majority of these jurisdictions are now experimenting with their central bank digital currencies (CBDCs). UNICEF experts predicted that the trend of growing interest in the cryptocurrency sector will continue in 2022.
Experts stressed that this will be largely due to the crisis in the global economy caused by the COVID-19 pandemic. UNICEF announced that governments and state-owned banks will certainly begin to cooperate with cryptocurrency service providers in the very near future. The fund also believes that this will bring significant benefits to many people, as it will provide access to unhindered remittances and more effective social assistance programs.
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