UK banks are slowing down mass cryptocurrency adoption

Although 28% of the UK population now owns digital assets, 76% of UK banks and payment providers do not have the infrastructure to support the utility of cryptocurrency.

Over 28% of the UK population own cryptocurrency

New research from global Cryptocurrency payments Company Mercuryo has announced that over 28% of the UK population now owns cryptocurrency, and another 41% expect to own it in the next five years. However, the research has also uncovered a major gap in the infrastructure required for mass adoption of cryptocurrencies, with 75% of UK banking providers not having cryptocurrency infrastructures available for their customers and 36% of banking providers actively discouraging their customers from buying cryptocurrencies, using Hold cryptocurrency.

Over two-thirds of consumers want mass adoption of cryptocurrencies

The study surveyed both UK consumers and decision makers in financial services firms to examine adoption, sentiment, use cases and blockers for the utility of cryptocurrencies. When evaluating consumer usage, more than two-thirds of consumers would like to use cryptocurrencies in the same way they can use other currencies in everyday life. Among respondents, the most popular use cases for cryptocurrencies were paying for goods online (38%), sending money to family or friends (37%), donating to charity (18%), and paying for online subscriptions and services (17%). 32% of respondents also indicated that they would like to receive their paycheck in cryptocurrency.

However, despite healthy indicators of mass consumer adoption and a variety of business use cases for cryptocurrencies, the study also highlighted significant barriers for many UK consumers and businesses, with 24% of consumers saying a lack of regulatory clarity is halting the necessary business development of cryptocurrency in to use in their everyday life. A lack of education (37%) and a lack of in-house expertise (20%) were cited by businesses as the top reasons why they don’t implement cryptocurrency into their business, although 56% of UK businesses believe they accept cryptocurrency payments For example, would give your company a competitive advantage. Interestingly, the study, which was also conducted in the US, found that US businesses are a little more advanced in accepting cryptocurrencies as a means of payment: 57% of US businesses surveyed said they accept them, compared to 38% of those surveyed companies in the UK.

Safety comes first

Safety concerns remain an ongoing battle for the industry, with fears of falling victim to them cryptocurrency scam was identified as worrying by over 60% of consumers. This is likely compounded by scam and scam communications alerts from their bank providers or regulators, with nearly 40% of respondents claiming that their use of cryptocurrency is heavily influenced by communications from banks and regulators. Peer sentiment is also a stumbling block for some, with 32% of respondents claiming that their peers disapprove of them for holding cryptocurrencies.

Taken together, these concerns have undoubtedly led to accessibility issues, as over 62% of consumers feel they cannot perform a variety of cryptocurrency transactions in their everyday lives.

SaaS for cryptocurrency companies

The research coincides with the launch of Mercuryo’s Banking-as-a-Service solution, an end-to-end plug-and-play product for cryptocurrency companies that provide a payment infrastructure for both fiat currencies and digital assets want to build.

Petr, Co-Founder and CEO of Mercuryo comments:

“While it is an extremely exciting and promising time for the cryptocurrency landscape to see such evolving use cases and appetites for cryptocurrency usage, it is clear that the industry still has a long way to go in building the appropriate infrastructure to support this mass adoption Has.”

“That’s why we’re launching our Banking-as-a-Service product, specifically designed to help cryptocurrency businesses provide a plug-and-play solution for their business and their customers to use cryptocurrencies in their introduce and use daily routines.” UK banks are slowing down mass cryptocurrency adoption

Fry Electronics Team

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