Despite more familiarity with digital banking, scepticism towards cryptocurrencies is rife in the UK, according to new research.
Almost half (49%) of consumers would not be willing to use cryptocurrencies in the future, and only a quarter (26%) would, the survey found.
Commissioned by Okta and carried out by Statista, it sampled the views of just over 2,000 office workers across the UK.
Primarily, people do not feel like their money would be safe (52%). Others prefer using physical to digital currency (47%), and many prefer currency to be issued by a central authority like the government (41%), which cryptocurrencies are not.
Of those that would be willing to use cryptocurrencies, many like how they are resistant to government interference or manipulation (46%), and their inability to be counterfeited or double-spent (42%). People also feel like their money would be safer and better protected (41%).
“Although the perception, popularity and adoption of digital banking has improved, digital currency is still being met with scepticism,” said Ian Lowe, head of industry solutions at Okta.
“It’s still early days for cryptocurrency, with India having just become the first major economy to announce its digital rupee, while China is testing digital yuan in certain cities. Nigeria has also recently launched a pilot, and El Salvador became the first country to use Bitcoin currency as legal tender.
“The UK is currently exploring the feasibility of a central bank digital currency (CBDC), nicknamed ‘Britcoin’, which would sit alongside cash and bank deposits. So while Brits aren’t bought into the concept now, this could change in the future, as our lives become more intertwined with the digital realm.”