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According to a study conducted by blockchain firm Ripple, Latin Americans are the most inclined to the digital asset industry. 50% of respondents believe that this sector will have a significant impact on the financial system, and 74% prefer to make deals with companies that accept cryptocurrencies. Europeans have shown less interest in digital assets.
Cryptocurrency thrives in less developed areas
Ripple’s research confirmed some previous assumptions that residents of regions with troubled economies find cryptocurrencies and blockchain technology much more interesting than residents of developed countries. According to the analysis, Latin America and the Middle East are the two areas where the industry generates the most interest.
Two-thirds of Latinos surveyed said they are more likely to transact with entities that accept cryptocurrency payments, and 50% believe the sector will have a “huge impact on finance and society.”
Citizens of Middle Eastern countries responded similarly. 67% said they would prefer to enter into transactions with companies using digital assets as a means of payment. Residents of these regions are also more likely to personally invest in bitcoin or altcoins. Interestingly, they have shown tremendous trust in their local banking institutions, and 65% of respondents would buy cryptocurrency there rather than on exchanges.
Europeans, on the other hand, seem the least intrigued. Only 35% believe that digital assets will have a positive impact on the future monetary system, and only 41% are ready to enter into transactions with enterprises that accept cryptocurrency payments.
“Generally speaking, Latin America is the most optimistic about the value of blockchain and its tokens, in the Middle East, Africa and North America somewhat less, and Europe is the most conservative.”
The Ripple survey also touched on non-fungible tokens (NFT). Despite the huge interest in the past year and the fact that many celebrities, athletes and musicians have entered the NFT space, many of those surveyed still find the issue confusing. Most people who want to buy NFT will do it for functional reasons, not emotional ones.
Many Latin Americans know how to conduct crypto transactions
Another recent study by payment giant Mastercard found that 51% of consumers in Latin America have conducted at least one transaction with digital assets. In addition, 33% use stablecoins for everyday purchases.
More than half of the Latin Americans surveyed said they view cryptocurrencies as a successful investment vehicle, and two-thirds want a hybrid settlement option that allows both cryptocurrency and traditional payment methods to be used for day-to-day transactions.
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