A majority of respondents to the survey from Saudi Arabia and United Arab Emirates (UAE), said cryptocurrency should be used in currency. Still, a significant proportion of the respective countries’ respondents believe certain obstacles are stopping cryptocurrencies from going mainstream.
Crypto Currency
According to the findings of a study by Checkout.com, about 54% of respondents in both the UAE and Saudi Arabia “believe that cryptocurrency should be used as currency” and not only as “an investment asset.” This figure is nine percentage points higher than the global average of 45%, the study data shows.
For comparison, in the United States — the world’s largest economy and one of the biggest crypto markets globally — only 36% of the respondents said that crypto should be used as currency. 31% (Germany) agreed crypto should be used to currency. Only 32% (2,02) from the United Kingdom said the same.
The benefits of paying with crypto
The study reports cites several factors that explain why almost half the respondents aged 18 to 35 want to use cryptocurrency for payments. It states that:
Customers find value and utility in using cryptocurrencies to pay for goods or services, regardless of whether they are stablecoins (or non-pegged cryptocurrency). Consumers enjoy significant advantages such as faster transactions and lower fees for cross-border purchase.
Nearly half (48%) of the 33,000 respondents plan to pay crypto regularly, or sometimes, according to the study. But, the obstacles that prevent digital currencies becoming mainstream are present in places like Saudi Arabia, UAE, and other countries. For instance, the study found that approximately 25% of respondents in Saudi Arabia and just over 30% in the UAE said “crypto is too complicated to become mainstream.”
The other countries with more than 30% of respondents who similarly believe crypto is too complicated are Australia, France, Italy, Spain, and the U.K. Another significant obstacle stopping privately issued digital currencies from going mainstream in Saudi Arabia and the UAE is the consumers’ assertion that crypto is risky.
Study data shows that around 30% and 30% respectively in Saudi Arabia (and 30% in UAE) agreed with the idea of crypto being too risky. In comparison, nearly 40% of Singaporeans and Hong Kongers agreed that cryptocurrency cannot become mainstream due to their high risk nature. The report also mentions the gap in education and the gender gap.
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