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EU Countries behind the pace on crypto

March 2019 by Luno

New research commissioned by Luno has revealed that nearly half (47%) of European
countries are still sceptical about the profitability and safety of
cryptocurrencies. Whereas nearly 4 in 5 (79%) of those in emerging markets* outside of Europe are more optimistic about the profitability of cryptocurrencies like
Bitcoin and Ethereum.

Cryptocurrencies are attracting interest from investors outside of Europe, with more
than 8 of 10 (82%) people in emerging markets purchasing crypto solely to invest.
This is compared to only 58% of Europeans who have invested in cryptocurrencies to
boost their bank balance, and over a quarter (29%) use cryptocurrencies solely to
shop online. However, cryptocurrencies are fulfilling their mission to become the
future of payments, with 29% of emerging markets and 21% of Europeans having already
received cryptocurrencies as a form of payment.

However, Europeans are showing less confidence in the safety of cryptocurrencies
compared to emerging markets. In the long term, only a third believe that
cryptocurrencies are a safe investment compared to over two-thirds (69%) of those in
emerging markets. Although confidence is low in European markets, more than 8 out of
10 (84%) of consumers that don’t own cryptocurrencies are interested in owning
crypto in the near future.

Europeans and emerging markets are in agreement over what could influence their
opinion on cryptocurrencies, with over a third (37%) of Europeans and nearly half
(44%) of emerging markets agreeing that an increase in price stability would have a
positive impact on their view of cryptocurrencies. Along with this, 43% of Europeans
and 48% of emerging markets would like to see less risk of losing money, and under a
third would change their opinion of crypto if Governments took a positive outlook on
the cryptosphere.

The complicity of cryptocurrencies is also a stumbling block for consumers with just
under half of Europeans (48%) and emerging markets (49%) stating that using crypto
is complicated. Luno is looking to decrease these numbers and help educate consumers
on the importance of future crypto use within the financial landscape through a
series of exclusive lectures in more than 15 universities across Italy. They have
also launched an online help centre, whilst also running monthly educational talks
in Amsterdam called Bitcoin Wednesdays.

Christian Zeiler, GM Europe from Luno said: “It’s really interesting to see that
even in times of uncertainty in the crypto market, consumers that don’t own any
cryptocurrency are looking to get involved in the crypto space. I still think there
is a long way to go to get these consumers to buy cryptocurrency but we are leading
the way in educating the general public in the benefits of cryptocurrencies and
through our educational programmes and talks we hope that we can show the consumers
that think cryptocurrencies are complicated that this is not the case and get them
more involved in this evolving technology.”


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