An average of 54% of survey respondents from Saudi Arabia and the United Arab Emirates (UAE) said they believe cryptocurrency should be used as currency. Still, a significant proportion of the respective countries’ respondents believe certain obstacles are stopping cryptocurrencies from going mainstream.
Crypto as currency
According to the findings of a study by Checkout.com, around 54% of respondents in the United Arab Emirates and Saudi Arabia “believe that cryptocurrency should be used as money” and not just “an investment asset”. “. This figure is nine percentage points higher than the global average of 45%, according to the survey data.
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. In Germany, some 31% of the respondents agreed that crypto should be used as currency, while 32% from the U.K. said the same thing.
Benefits of Paying with Crypto
Meanwhile, in the study report, several reasons are given that explain why nearly half of the surveyed residents between the ages of 18 and 35 are keen on making payments using cryptocurrency. The report states:
Consumers find utility and benefits in paying with cryptocurrencies, be they stablecoins or non-pegged crypto. Faster transactions and lower fees, particularly for cross-border purchases, provide significant benefits to consumers.
Although the study revealed that almost half (48%) of the 30,000 respondents plan to pay regularly or occasionally with crypto, there are still obstacles that prevent digital currencies from becoming mainstream, even in countries like Saudi Arabia and the United Arab Emirates. For example, the study found that around 25% of respondents in Saudi Arabia and just over 30% in the United Arab Emirates said “cryptography 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.
According to the study data, just over 30% of respondents in Saudi Arabia and around 30% in the United Arab Emirates agreed that crypto was too risky. For perspective, over 40% of respondents in Hong Kong and Singapore also agreed that cryptocurrencies cannot go mainstream because they are too risky. Other key barriers listed in the report include the education gap as well as the gender divide.
