The United Nations Children’s Fund has called for the inclusion of parental controls in online child protection initiatives, citing financial and exploitative threats posed by unregulated crypto markets.
UNICEF’s “Perspectives for Children 2022” reportwhich examines the impact of global trends on children, anticipates further mainstream adoption of cryptocurrencies – “demonstrating both the promise of greater financial inclusion and the need for new safeguards for children.”
Source: UNICEF
The report reveals that by the end of 2021, digital currencies have garnered widespread interest in 87 countries, with the majority of jurisdictions experimenting with their own versions of a central bank digital currency. UNICEF expects a similar growth trajectory in 2022, as stated in the report:
“A potential alliance between governments, big banks and investment firms against challenger banks and blockchain-based finance could emerge in many countries.”
The push for mainstream crypto adoption is also being fueled by economic pressures created by the COVID-19 pandemic. As UNICEF reported, economic recovery in high-income countries will slow and pick up this year, while factoring in future disruptions from the pandemic.
Source: UNICEF
UNICEF also expects governments, big banks and investment firms to work with crypto and blockchain firms:
“These developments will ultimately require the creation of national and international legal and regulatory frameworks. While we wait and see where these trends take us, the impact on children is at stake.”
With cryptocurrencies mainstreaming, UNICEF recognizes the significant benefits to be gained through financial inclusion and “smooth remittances and more immediate, transparent and efficient social assistance programs.”
However, the United Nations organization warns of the dangers that unregulated markets pose to children’s well-being, such as the stability of financial systems and the deterioration of government revenues.
The report calls for new reforms to protect children and also highlights some of the potential negative impacts of unregulated transactions that support child trafficking, sexual exploitation, the sale and purchase of child abuse content, fraud and child extortion. In a final note, UNICEF suggested:
“Now is the time to start integrating parental controls for cryptocurrencies and digital currencies into online child protection initiatives.”
Related: Nations To Adopt Bitcoin, Crypto Users To Hit 1B By 2023: Report
A Crypto.com report predicts that the number of global crypto users could reach 1 billion by the end of 2022. As Cointelegraph reported, the global crypto population surged 178% in 2021, rising from 106 million in January to 295 million in December.
Source: Crypto.com
Crypto.com’s report estimates that “if we extrapolate a similar rate of increase in 2022, we are on track to reach 1 billion crypto users by the end of 2022.”
