ING – 32% of Europeans Consider Cryptocurrencies as Future of Online Payments

Germany has endorsed a blockchain plan to avoid all stable currencies from turning into alternative forms of payment. Germany created this dramatic step on concerns that the Libra of Facebook and any comparable crypto initiatives could damage the sovereignty of the state.

Such strict laws, however, do not dissuade public’s involvement in venturing into the emerging crypto sector.

Many Europeans think that crypto can be used for purchasing products and services in most retail outlets, according to a study by ING Bank released on September 18.

Nearly 15,000 Europeans from 15 diverse nations took part in the survey and responded to multiple crypto-related queries.

About 51% of participants believe that cryptos can be used to buy products and services in several retail outlets, as per the study. Cryptocurrency, nevertheless, is not currently acceptable in almost all of the retail outlets.

But, when crypto enthusiasts visit a “Bitcoin City” like Arnhem, the Netherlands, or anywhere in Japan, a digital currency can be used to purchase goods and services in a retail outlet. CoinMap presently provides a crypto-friendly shop map page that indicates 15,430 brick-n-mortar venues across the globe where cryptocurrencies can be spent.

Having that in mind, more than one in every five queries posed in the study were accurately replied by 82% of participants. In addition, 41% of them had huge cryptocurrency hopes, while nearly 23% had small hopes. Strikingly, about 32% of participants believe that the future of online shopping is going to be carried out using cryptos.

Moreover, over 27% have affirmed their willingness to receive fresh crypto products from acquainted brands and entities. The respondents also said they were of the impression that companies should be offering current accounts for digital assets. A further 27% trust that a central agency controls digital currencies, while 34% feel that they’re not.

On the contrary, no stance on this issue is held by 44%. Of all European respondents, 63% understand that the valuation of crypto and digital assets is continually improving and 73% understand that crypto is a sort of virtual currency. While many respondents in the study have heard of digital currencies, indepth understanding among the people is still rather low.

Bizarrely, “It was the groups with a lower level of knowledge who tended to be more open to future adoption.” As per a mid-August study, ING bank’s online survey found that Austrians were the most suspicious about cryptos and Bitcoin in particular. Only time will show how well the crypto industry will evolve, and whether it will succeed in blending into the global mainstream marketplace.