Brits not clamouring for crypto as cash holds firm, ING
Consumer knowledge about digital currencies is limited and cash is still king, according to research from ING.
The Dutch FI surveyed 14,824 people in 15 countries: Austria, Belgium, Czech Republic, France, Germany, Italy, Luxembourg, the Netherlands, Poland, Romania, Spain, Turkey, the UK, Australia and the USA. 79% of Brits knew at least a little about cryptocurrency (identifying at least one out of five true or false statements correctly). Among this group, a third had high expectations for it, just ahead of 28% with low expectations.
21% of this group agreed that crypto is the future of online spending, behind the European average of 32%. Another 21% said they were open to receiving new cryptocurrency offerings from brands and bodies they were familiar with, agreeing that banks should offer current accounts in crypto.
“People aren’t clamouring to understand the details of how cryptocurrencies work, or even what they are. But whether we would pick it up if it proved useful remains open to debate,” says Jessica Exton, Behavioural Scientist at ING. “While small groups are enthusiastic about their future use of cryptocurrencies, everyday relevance and demonstrated benefits will be key to turning the crypto curiosity our research reveals, into a true money revolution.”
Teunis Brosens, Lead Economist for Digital Finance and Regulation at ING, adds: “If cryptocurrencies are to become mainstream, technical improvements are needed. But to gain trust and acceptance beyond a core group of enthusiasts, affiliation with existing well-known brands would help. In short, cryptocurrency would need to present itself to potential users from within the existing financial framework, instead of placing itself outside.”
Cash
Just 20% of UK respondents would prefer it if cash no longer existed. One in five of those with some knowledge of cryptocurrency responded positively about both their anticipated use of it simultaneously with their use of notes and coins.
