US-based crypto exchange Coinbase has commissioned a survey to understand how people in Argentina, Kenya, the Philippines and Switzerland view crypto and blockchain technology as a means to improve their country’s financial system.
The studyconducted by market research and consultancy firm Ipsos, shows that the majority of adults in all four countries believe that the existing financial system in their country needs changes or a complete overhaul.
But most participants think crypto can help solve their financial concerns, including the centralization of the financial system, the lack of fairness, the changing value of their country’s currency, and the difficulties of making and saving money.
“Adults in the countries surveyed believe new technology should be used to update the financial system – and are turning to crypto as a solution, with more than seven in 10 agreeing that crypto has solved at least one of their financial frustrations can tackle.”
In Kenya, where more than 10% of the population owns cryptocurrencies, 94% of adults see crypto as a solution to update their country’s financial system.
This opinion is shared by 81% of people in the Philippines and 76% of people in Argentina.
More than 80% of Philippine crypto owners believe crypto can make their financial system cheaper and 90% think crypto will make the system faster.
Among Argentine crypto owners, more than 80% also believe that crypto can help the economy grow, promote innovation and give people more control over their finances.
People in Switzerland are the least optimistic: only 67% of Swiss believe that crypto and blockchain can solve at least one of their financial frustrations.
“Even in the land of watches, chocolate and banking talent, tradition is not sacred. Only about one in five believe their generation will be better off than their parents, fueling growing interest in crypto’s potential to complement – not disrupt – their gold standard financial system.”
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Generated image: Midjourney