Nearly 40% of survey participants want Bitcoin legalized in their countries

Recently a study carried on by The Economist gave an estimation. It said that 37% of the participants wish their governments to announce Traditional Currency or other cryptos as legal tender for some internal transactions. Central bank digital currencies also receive favors. This is because 37% will be agreeing if the authorities of the countries issue this type of financial product.  

Steps were taken by El Salvador

  • The Economist is a popular newspaper in the UK. They surveyed around 3000 people across some of the developed countries such as the UK, the USA, Australia, Singapore, South Korea, and France.
  • Developing countries such as Turkey, the Philippines, Vietnam, Brazil, and South Africa were also part of the survey.  
  • The survey was conducted for determining their current views on the industry of crypto.
  • Almost 37 % of the respondents mentioned that they will be supporting their respective governments if Bitcoin is declared an official method of payment.
  • 43% were found to have a neutral view on this matter.
  • 18% mentioned that will be disagreeing with this kind of move.
  • The pandemic changed all trends in the network of payment.
  • Many people shifted to digital settlements from cash.
  • 18 % of the participants of this survey expect their country to go cashless in the next one or two years.
  • 13 % admitted to using cryptos as a settlement form.
  • Episode Six’s CEO and Co-Founder, John Mitchell gave a prediction.
  • It was about the future network of payment getting encompassed by the latest instruments.
  • He hinted that digital currencies may be playing such a role.

Americans wish to make Bitcoin legalized

  • After El Salvador declared the crypto Bitcoin to be a legal tender, many countries were trying to consider this same move.
  • As per research, almost 30 % of residents of the US will become happy to find Bitcoin has a similar status in their country.
  • Americans who reside in the West have been highly supportive of this potential law.
  • Those residing in the Midwest opposed it very much.
  • Most of the females and those aged more than 55 years were highly against this move.
  • Men along with participants who were aged 25-34 years mostly favored Bitcoin as the official payment method.

The industry of crypto is thriving

  • The report of American Banker was published.
  • After that few banking institutions confirmed the good news.
  • Their involvement in the crypto assets field was also confirmed.
  • Last year on 30th December, the Swedish crypto-friendly bank named Mecro Bank declared that a pilot project will be launching a digital asset custody service in the future. It is now underway.
  • As per the report, the bank intends to launch its NFT collection and a banking service experience that will of virtual. It will be in a virtual world that is metaverse based.
  • The bank strongly believes that the metaverse is a home for financial and banking transactions.
  • It is also related to business and personal interaction.
  • Effective transaction and financial management will become critical.
  • It is mainly to make the environment of the metaverse realistic and immersive as much as possible.
  • A Swiss digital asset bank, as well as a trading platform, is called Sygnum.
  • It raised around $90 million in the financing of a new round that is valued at $800 million.
  • It was done on 6th January 2022..
  • Meta Investments and Animoca Brands too participated.
  • Sygnum previously declared a series of token custody along with transaction services of DeF’’s launch.
  • It included Curve, Aragon, Aave, Uniswap, Synthetix, MKR as well as 1inch Network.
  • It expanded its USDC-related banking services too.

Conclusion

The Crypto market’s future development is still filled with uncertainty. Yet the market environment that is governed by regulations will be highly orderly. It is an unquestionable industry agreement. Regulation will be highly supportive of the growth of the crypto sector. It is correct that mainstream banks take all needs of their customer’s cryptocurrency investing very seriously. Otherwise, they will be out of those start-ups that are crypto-first. The most interesting question is if they will be fighting for greater choice for all customers in the central bank digital currencies face or else fall in line with the policy of the central bank. Thus reducing the choice of the consumer.To get a fair idea on bitcoin trading Visit  Bitcoin smart.