A new survey shows that 37% of respondents expect governments to embrace bitcoin (BTC) and/or other cryptocurrencies in the next three years if legal tenderie as legal tender.
That reports a research report on digital payments by The Economist in collaboration with crypto exchange Crypto.com. Other interesting results also emerged in the annual report.
We are excited to release our 3rd annual report with @TheEconomist Impact, exploring attitudes towards digital currencies among retail consumers and institutions.
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Two different groups were surveyed in the study. The first group consists of 3,000 respondents, half of whom come from developed countries and the other half from developing countries. In addition, 150 institutional investors were surveyed. For both groups this was between January and February of this year.
37% expect bitcoin, crypto and/or CBDC within 3 years
The results show that 36.6% of respondents expect their central bank or government to recognize crypto as bitcoin as legal money in the next three years. 17.9% indicated that they did not expect this, 43.5% remained neutral.
Similar results emerged regarding so-called central bank digital currencies (CBDC). Also of these, 37% expect their country to launch a CBDC in the next three years. 18.6% indicated that they did not expect this, 34.4% were neutral.
The research report reports that more than 60 central banks are now working on a CBDC and that China and Sweden are already running live tests. 65% of executives or executives now believe that a CBDC will replace physical money in their country, up 9% from last year.
Also NFT and DeFi in the taste
Also non-fungible tokens (NFT) and decentralized finance (DeFi) are popular, according to the survey. 60.1% of respondents expect to buy an NFT within three years. 7.5% expected not and 28.3% remained neutral.
DeFi is slightly less popular, but still 34.2% said they plan to use DeFi applications within the next three years. 17.2% do not expect this and 44.2% remained neutral.
In addition, the report notes that trust in physical payment and credit cards is declining rapidly. Last year, 31% indicated that they intend to continue to use these payment methods, this year it was only 8%. Cash, or cash, still remains very popular. 85% still trust that. Yet 47% expect their country to have their country within three to five years cashless will be. This difference may be explained by cultural differences, the report said.