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The Desire for Crypto Legalization and CBDCs Is Accelerating

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    • 36.6% of people want crypto to be legalized and CBDCs to be implemented in their countries.
    • 3000 people and 150 institutional investors were interviewed for this survey.
    • The survey was conducted among 6 developed countries and 5 developing ones.

A recent study by the popular British newspaper— The Economist, estimated that 36.6% of people want their government to declare cryptocurrency as legal tender for internal transactions. These respondents also favored Central Bank Digital Currencies (CBDCs) as a financial product.

In detail, the survey titled ‘Digimentality 2022: Fear and favoring of digital currency’ was conducted to determine the current stance on the crypto industry. One-half of the 3,000 people and 150 institutional investors who participated in the survey were from developed economies while the other half were from developing ones.

While 36.6% were in support of crypto adoption, 43% were neutral on the subject and 18% stated their disagreement with such a development. The study found that 34% of respondents were bullish on decentralized finance (DeFi) since they intend to use such applications for personal or professional financial transactions. In contrast, 17% said that they had no plans to interact with it.

The study further reveals that over 60% of the respondents consider purchasing, holding, or selling NFTs while only 7% are against this idea.

As the pandemic changed the trends in the payment network, many have shifted from cash to digital alternatives. 18% of the respondents expect their nation to become cashless in the next couple of years, while 13% admitted using virtual assets as a form of settlement.

The Financial Counselor and Director of the Monetary and Capital Markets Department of the International Monetary Fund, Tobias Adrian gave his perspective on the report by stating that “It’s natural for physical cash to be complemented by digital cash as the world is becoming more digital and it’s a natural evolution”

Moreover, Adrian added that “It might not be used much but in principle, being possible to convert into central bank digital currency might be an important anchor for the digital economy.”

Drawing insights from the report, the CEO and Co-Founder of Episode Six, John Mitchell predicted that:

We accommodate units of value on our platform and allow for the conversions of these units of value to be made whether it is a digital-first currency or anything that you can ascribe a value to that we can hold, convert and allow

Article Categories:
Bitcoin · CBDC · Crypto Adoption · DeFi · Latest Post · News · Regulation News

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