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According to a Checkout.com study, 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.
The survey data show that this figure is nine percentage points higher than the global average of 45%.
In comparison, in the United States, the world’s largest economy and one of the largest crypto markets in the world, only 36% of respondents said that cryptocurrency should be used as a currency.
In Germany, about 31% of respondents agreed that cryptocurrency should be used as a currency, in the UK, 32% of respondents think so.
The study cites several reasons why nearly half of the residents aged 18 to 35 surveyed seek to make payments with cryptocurrencies:
Consumers understand the functionality and benefits of paying with cryptocurrencies, be it stablecoins or non-fiat cryptocurrencies. Faster transactions and reduced fees, especially for cross-border transactions, seem attractive to consumers.
The study found that almost half (48%) of the 30,000 respondents plan to use crypto regularly or occasionally, but there are obstacles preventing digital currencies from becoming mainstream, even in countries like Saudi Arabia and the UAE. Approximately 25% of respondents in Saudi Arabia and just over 30% in the UAE said that “cryptocurrency is too complex to become a mainstream phenomenon.”
Other countries where more than 30% of respondents also consider cryptocurrency too difficult are Australia, France, Italy, Spain and the United Kingdom.
According to the study, just over 30% of respondents in Saudi Arabia and about 30% in the UAE agreed that cryptocurrencies are too risky. For comparison, in Hong Kong and Singapore, more than 40% of respondents share this opinion.
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