TL; DR Breakdown
- UNICEF wants regulators to protect children as crypto adoption soars
- The body wants laws against child exploitation
- Crypto users surged in 2021
The crypto market has continued to multiply, with more participants entering the market in the wake of the market rebound. The traders believe the last dip provides an opportunity for them to invest and see massive profits in the next few months. However, with the market opening up without core regulations, the United Nations Children’s Fund has called on regulators to look into protective regulations for children.
UNICEF argues child protection regulations
Citing several factors, UNICEF specifically talked about the various issues they could face ranging from threats to exploitation. In its latest document, UNICEF concedes that emerging technologies could significantly impact children in the years to come. The Prospects of Children report also highlights the massive adoption that crypto will continue to record in the not-so-distant future.
However, the body believes that if regulators can open up the market for the unbanked, they can also be able to make regulations to safeguard children. Going by the report, digital assets have skyrocketed in the number of interested countries, entering a massive 87 countries. These countries are also looking into their own CBDCs. UNICEF mentions in the document that it expects 2022 to ride on this success and better it.
Crypto users surged in 2021
Giving insights into the many things that might occur, it mentioned partnerships between governments and private entities. According to UNICEF, one of the pushes for the adoption of crypto is the coronavirus pandemic. Despite all this, the body is wary about the unregulated market and the many threats it could pose to the well-being of children. It also mentioned that crypto had been used to carry out illicit activities involving children over the years.
For example, UNICEF mentioned child trafficking, exchange of child abuse contents like children porn, and others. The body opines that regulators across the world must ensure they take steps into actualizing this. A recent document by crypto.com has shown that the adoption of digital assets could well go over one billion users by the end of the year. The crypto market also recorded massive growths across last year, seeing a massive rise of 178%.
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