Cryptocurrency adoption across the globe has been growing rapidly. Looking at the impressive market of digital tokens, several countries have been working on the regulations front- China being an exception. The opinion of lawmakers in this regard is of prime importance. Even so, the perception of a country’s citizens matters too.
Well, on that note, a recent global survey was carried out by a global payments solution provider. Primarily, it surveyed, “a panel of 3,000 mostly platform-based online B2C marketplaces, fintech and e-commerce businesses across 10 countries.”
In the report titled, “Demystifying Crypto,” it was found that 45% of respondents believe cryptocurrencies should be used as a currency and not just an investment.
Furthermore, the report suggested that around half of the respondents in the 18-35 age category are ready to adopt crypto for making payments for goods and services.
“Consumers find utility and benefits in paying with cryptocurrencies, be they stablecoins or non-pegged crypto. Faster transactions and lower fees, particularly for cross-border purchases, provide significant benefits to consumers.”
Notably, even on an institutional level, there is an emerging trend supporting the use of cryptocurrencies in the immediate future. Visa and PayPal are leading examples of payment methods that are accepting crypto-funded payments. In fact, around a quarter of online businesses are also planning to offer crypto as a payment method by 2024.
Not everything is sunshine here
Skeptics remain confused because of the heated debates surrounding the use of cryptocurrencies in illicit activities. In the survey, one of the interviewees said,
“It’s hard to trust something if you keep hearing conflicting information all over social media.”
Tech expert Benedict Evans tried to explain the trustlessness toward blockchain technology in a recent Economist podcast,
“If I stand by the side of the motorway, I stand there trusting that the cars will not hit me. If I stand on the side of the railway, I don’t have to trust because I know the rails are there. The train cannot hit me.”
While the use-cases of digital tokens are hailed by many, there are other various concerns regarding the use of cryptocurrencies in different countries. For example, around a quarter of respondents in Saudi Arabia and UAE claimed, “crypto is too complicated to become mainstream.”
In fact, over 40% of consumers in Hong Kong and Singapore admitted that crypto is too risky. It seems, there remains an education gap as well surrounding blockchain technology. This inference is proven by the following data.
The above-mentioned data indicates that around half of the population of the 18-35 age group is still unaware of blockchain basics. This is a particularly worrying sign that is further aggravated by the gender divide in crypto adoption.