Given the growing interest in crypto adoption as a legal tender, it’s not shocking that many participants will wish to legalize bitcoin. The Economist conducted a survey to determine the level of support for cryptocurrency.
This poll was conducted to determine how many people would like their governments to allow crypto. It was conducted with a total of 3,000 people. 37% wanted legalized cryptocurrency and cryptos to be used for transactional purposes.
A second aspect of the survey was the support for CBDC. It was also found that 37% of respondents supported governments issuing the financial product. One of the things that the researchers aimed to discover was whether other countries might follow El Salvador’s footsteps in legalizing crypto.
Survey Results In Detail
The majority of respondents came from developing and developed countries. Singapore, Australia, South Korea and the USA were the developed countries. Brazil, South Africa and Turkey were among the developing countries. It was intended to assess how these people view crypto.
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The Economist conducted a survey and found that 37% of respondents wanted their government declare crypto a legal tender. These groups also expressed support for such a move. The majority of respondents, at 43% and 18% respectively, said they did not support the motion.
It was also important to find support for CBDC’s launch. The survey found that 37% of those who participated believed that such a product could facilitate adoption. However, 19% of participants consider it a mistake.
Participants were also asked their opinions on non-fungible tokens. 60 percent said that they may buy, trade, or keep NFTs. But 7% amongst them said they won’t.
Decentralized Finance was also surveyed. Among those surveyed, 34% supported DeFi by stating they’ll use its application to conduct all their financial transactions, whether personal or professional. But 17% said they don’t want to participate in the Defi sector.
Digital settlements was the last topic that was surveyed. The researchers discovered that 13% of the respondents already use crypto for settlement, while 18% stated they’re hoping for a cashless nation in a few years.
Americans Want Bitcoin As A Legal Tender
YouGov also found that Americans hope the government will make Bitcoin legal.
The West was all in favor of the law. However, the Midwest was against such a proposal. Also, the respondents within the age bracket of 25 to 34 are enthusiastic about a legal BTC, while the respondents above 55 years and the women don’t want it.
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This level of support isn’t surprising for cryptocurrency legalization. El Salvador has been the first to adopt crypto legalization. Other countries have shown interest in doing so.
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