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Laxman Pai, Opalesque Asia: An Economist Intelligence Unit (EIU) survey showed 46% of people surveyed found the case for owning cryptocurrencies more compelling due to covid-19.
As more people stayed indoors to curb the spread of the virus, they found themselves with more time on their hands, while flushing with multiple rounds of stimulus money from the government, it said.
"Overall, 64% of survey respondents report using digital payments for over half of their purchases instead of physical banknotes, coins, or credit cards in the past 12 months. Almost one in five (20%) said they had not used a digital payment in the past year but plan to do so over the next 12 months, indicating further growth," said the report.
However, despite an openness to digital currencies, the study found that 51% cited the lack of knowledge as the main barrier towards greater adoption. Following this obstacle are security concerns at 34% and difficulties knowing where to buy cryptocurrencies at 29%.
Despite many new digital ways to pay, survey respondents still report the most common form of payment they use is a physical credit or debit card. The second most preferred option is online banking, with cash coming next. Cryptocurrencies, reflecting the aforementioned divisiveness, come last. Only 5% of survey respondents say that they "always" use them; 10% say they do so "often".
Yet digital currencies are capturing media headlines with China proposing a CBDC pilot progra...................... To view our full article Click here
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