An average of 54% of survey respondents from Saudi Arabia and the United Arab Emirates (UAE) said they believe cryptocurrencies should be used as a form of currency. Nevertheless, a significant proportion of respondents from the respective countries believe that some barriers are preventing cryptocurrencies from going mainstream.
as crypto currency
According to the findings of a study by Checkout.com, about 54% of respondents in both the UAE and Saudi Arabia believe that “cryptocurrency should be used as a currency” and not just as “an investment asset”. in the form of. The study data shows that this figure is nine percentage points higher than the global average of 45%.
For comparison, in the United States – the world’s largest economy and one of the largest crypto markets globally – only 36% of respondents said that crypto should be used as a currency. In Germany, around 31% of respondents agreed that crypto should be used as a currency, while 32% of the UK said the same thing.
Benefits of Paying with Crypto
Meanwhile, in the study report, several reasons are cited that explain why almost half of the surveyed residents aged between 18 and 35 are eager to pay using cryptocurrencies. The report stated:
Consumers find utility and benefits in paying with cryptocurrencies, whether they are stablecoins or non-pegged crypto. Faster transactions and lower fees, especially for cross-border purchases, offer significant advantages to consumers.
Although the study found that nearly half (48%) of the 30,000 respondents regularly or occasionally plan to pay with crypto, there are still barriers that prevent digital currencies from going mainstream, Even in countries like Saudi Arabia and the United Arab Emirates. For example, the study found that nearly 25% of respondents in Saudi Arabia and over 30% in the United Arab Emirates said that “cryptocurrency is too complex to become mainstream.”
Other countries with over 30% of respondents who similarly consider crypto to be too complex are Australia, France, Italy, Spain and the UK. And the key constraint is the consumer. Claims that crypto is risky.
According to the study data, only 30% of respondents in Saudi Arabia and about 30% in UAE agreed that crypto is too risky. For perspective, over 40% of respondents in Hong Kong and Singapore also agreed with the notion that cryptocurrencies cannot go mainstream because they are too risky. Other major constraints listed in the report include the education gap as well as the gender divide.
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