Crypto.com Supported The Economist Intelligence Unit Research on Digital Currencies

Crypto.com Supported The Economist Intelligence Unit Research on Digital Currencies

/PRNewswire/ — Digital currencies showed the most growth opportunity for payments: o 20% of people said they don`t currently use them but plan to in the next… Acoustic guitar controller Flow Mass FC-D980C TC 350 Aera N2 5% PH3 SCCM e2075josg8329-cheap outlet online – return.e-catalyst.co.za A law was recently signed by Wyoming Governor Mark Gordon that will allow insurance firms to invest in Bitcoin and other cryptocurrencies. BeInCrypto provides our daily cryptocurrency news roundup for the date of April 15, 2020.

HONG KONG, April 16, 2020 /PRNewswire/ —

  • Digital currencies showed the most growth opportunity for payments:
       o   20% of people said they don`t currently use them but plan to in the next year, higher than any other payment method studied in the research, a trend that may accelerate as a result of Covid-19. 
       o   34% of respondents considered online payments to be digital currency`s main function, while only 24% cited “short-term investment” as a reason for its use.
  • 54% of respondents said they would consider a digital currency issued by their government (e.g. CBDC) trustworthy, compared to only 26% who said the same about currently available cryptocurrencies; however, cryptocurrency was the most recognised type of digital currency in the study.
  • If you are unfamiliar with digital currencies, you are in the minority. A full 85% of survey respondents of global consumers have owned, used or heard of decentralised digital currency such as a cryptocurrency according to an Economist Intelligence Unit survey conducted over January and February of this year. The study, Digimentality—Fear and favouring of digital currency, sponsored by Crypto.com, also showed that in the developing world, awareness reached 92%.

    The study underscored a trend that is likely to accelerate as Covid-19 concerns mount and governments take physical cash out of circulation to help stem the virus spread. The global survey suggests that societies across the world were already leaning toward cashless options for daily purchases, based on convenience and traceability reasons.

    “Our report showed that while the use of cryptocurrencies amongst the general public is low, people are very curious and optimistic about them for the future,” said Kris Marszalek, CEO of Crypto.com. “This bodes very well for our industry and comes at a pivotal time when trust in financial markets is wavering and more people are turning their attention to the growing range of digital currencies that continue to present a clear plan B to our traditional financial structures. We still have much work to do to get crypto into every wallet, but that mission is much more difficult without valuable insights into what the general public is thinking.”

    “Covid-19 wasn`t part of the original survey parameters since it didn`t exist at the survey`s onset,” explains Jason Wincuinas, senior editor for thought leadership with the Economist Intelligence Unit, who headed the research. “But we can see in events since the survey finished in February—such as debate in the US congress over introducing a `digital dollar` in recent weeks—that this is becoming a structural concern for society. What`s interesting is how China and Sweden were already looking at digital currency as potential pillars of their monetary systems. For other countries, maybe it takes an emergency like covid-19 to move the needle.”

    In the survey, physical credit cards were shown to be the most popular payment choice overall; cash was only the third most used option. Online banking, online payment services and mobile apps on smartphones all captured a large share of consumer transactions. Digital currencies (which includes cryptocurrencies such as Bitcoin, Ether, XRP, etc) were still the least cited option but they captured the largest share of respondents who said they planned to try it within the next 12 months.

    For expert analysis, The Economist Intelligence Unit consulted Eva Julin, deputy head general secretariat at Sveriges Riksbank (Sweden`s Central Bank), who heads the bank`s evaluation of issuing a digital currency and Antony Lewis, fintech advisor to The Securities and Futures Commission (SFC) of Hong Kong and author of the book “The Basics of Bitcoins and Blockchains: An Introduction to Cryptocurrencies and the Technology that Powers Them.

    Commenting on the research, Mr Wincuinas said: “The trend toward cashless payments is an irresistible force. And it was very interesting to observe greater eagerness and expectations within the developing economies we tested. Given that these countries also tend to have higher rates of people using mobile devices to go online and younger populations—who also tend to have faster takeup of technology generally—it could be a harbinger of what`s to come with digital currencies. Combined with the fact that we saw more resistance to cryptocurrencies and digital payments in developed economies, I think it`s clear there could be another leap-frog effect in the waiting as economies like China push ahead with digital ways to pay, and economies with older payment infrastructures play a wait-and-see game. But covid-19 could change everything.”

    About the research

    Digimentality—Fear and favouring of digital currency is a report from The Economist Intelligence Unit, sponsored by Crypto.com, exploring the extent to which digital payments are trusted by consumers and what barriers may exist to basic monetary functions becoming predominantly electronic or digital. The analysis is based on a survey of 3,048 people conducted in January and February 2020. About half of the respondents came from developed economies and half from developing ones. All respondents had bought a product or service within the past 12 months using some kind of digital payment.

    About Crypto.com
    Crypto.com was founded in 2016 on a simple belief: it`s a basic human right for everyone to control their money, data and identity. With over 1 million users on its platform today, Crypto.com provides a powerful alternative to traditional financial services, turning its vision of “cryptocurrency in every wallet” into reality, one customer at a time. Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Crypto.com is headquartered in Hong Kong with a 250+ strong team. Find out more by visiting https://crypto.com.

    About The Economist Intelligence Unit

    The EIU is the thought leadership, research and analysis division of The Economist Group and the world leader in global business intelligence for executives. We uncover novel and forward-looking perspectives with access to over 650 expert analysts and editors across 200 countries worldwide. More information can be found on www.eiuperspectives.economist.com. Follow us on Twitter, LinkedIn and Facebook.

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    SOURCE Crypto.com

    Source: www.prnewswire.com

    Author: Crypto.com


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    Wyoming Insurance Firms Can Invest in Crypto Starting in July

    Institutional money, although small, may soon be coming from insurance firms based in Wyoming. According to recent reports, a new law in Wyoming will allow insurance companies to invest in cryptocurrencies.

    Wyoming cryptocurrency

    Thanks to the efforts of Caitlin Long, a long-time Wall Street veteran, Wyoming is leading the charge to make the law is more amenable to cryptocurrencies. She confirmed on Twitter that, thanks to the new law signed, insurance companies in the state can invest in cryptocurrencies starting on July 1, 2020.

    YES! Insurance cos in #Wyoming will be able to invest in #bitcoin & #crypto as of 7/1/2020 (this was recently signed into law by @GovernorGordon). Most likely insurers will offer this as part of variable life policies rather than whole life, since NAIC capital charge will be high https://t.co/aAn3D4kIVS

    — Caitlin Long 🔑 (@CaitlinLong_) April 15, 2020

    It is the first-of-its-kind provision in the United States.

    The newly passed law also adds some other legal qualifications for cryptocurrency-related businesses in the state. For example, digital assets are clarified as being “representations” of economic, proprietary, or access rights. This is different than digital consumer assets, as the law makes clear.

    You wouldn’t have expected it, but Wyoming has been one of the most blockchain-friendly states in the U.S. It was the first state to declare cryptocurrencies a new asset class in 2018. On Jan. 31, 2019, virtual currencies were officially recognized as money in the state.

    BeInCrypto has often covered Wyoming’s progress in clarifying the legal obstacles for the cryptocurrency industry. The state’s legislature has also been outspoken in its criticism of other, anti-cryptocurrency related measures proposed in other states. For example, a 2019 Texan bill restricting cryptocurrency transactions was criticized by many in the Wyoming blockchain community, which has close ties to the legislature.

    Wyoming was once the ‘Wild West’ but now is oddly enough leading a new frontier: the digital one. The state’s desire to become a blockchain hub has been known for some time now, and the latest law will solidify its place. Now, insurers can invest in cryptocurrencies—opening the door for many other states to follow.

    Source: beincrypto.com

    Author: Illustrations by A. Gnetova and G. Phan


    Cryptocurrency News Roundup For April 15, 2020

    Cryptocurrency News Roundup For April 15, 2020

    The report further stated that despite the spike in onboarding new users, Bitcoin balances on these exchanges continue to fall. This could simply mean that most investors are withdrawing their BTC stashes with the intention of ‘hodling’ rather than indulging in short-term trading.

    Meanwhile, in other important news from Wednesday:

    A few ‘leaked’ screenshots appeared on social media earlier today claiming that they were the first visual confirmations of a beta version of China’s much-awaited central bank digital currency (CBDC). Note that BeInCrypto has not yet independently verified the authenticity of these screenshots.

    Nonetheless, the alleged leak has since gone viral on Twitter after Sino Global Capital CEO Matthew Graham claimed that he had seen the app firsthand. According to rumors, the digital Yuan, a DC/EP (digital currency/electronic payment), is now a part of a pilot program run by the Agricultural Bank of China.

    China Blockchain

    Following a wild few weeks in March when Bitcoin’s volatilityJPMorgan BitcoinWe can describe volatility as how much the value of an asset changes over a given time. A volatility index… More reached a whole new level, things seem to have calmed down to an extent. The benchmark cryptocurrency’s realized volatility has come down to normal levels, indicating some sort of relative stability as we inch closer to BTC’s 2020 halving.

    Read the Full Analysis

    Altcoins

    In a first-of-its-kind initiative in the United States, Wyoming has passed a new law enabling insurance firms to invest in cryptocurrencies. The law will come into effect on July 1, 2020.

    The state has long been one of the most blockchain and crypto-friendly places in the country. In fact, it became the first state to recognize digital currencies as money last year in January.

    The DOGE price has broken out above a long-term descending resistance line, indicating that it has begun a bullish trend. However, the price is still consolidating in anticipation of a future upward move. Therefore, it is also possible that it continues trading inside the current range for a period of time.

    Dogecoin Bitcoin Ethereum

    Atomic Loans, an organization dedicated to providing non-custodial Bitcoin loans, has raised $2.45 million in a seed round led by Initialized Capital. Several heavyweights from the blockchain space including ConsenSys and Morgan Creek Digital also chipped in for the cause.

    The funding will be used to build native decentralized finance (DeFiEthereum DeFiDecentralized Finance (DeFi) is a term that is being used to describe the world of financial services that are increasingly… More) solutions for Bitcoin.

    Source: beincrypto.com

    Author: Illustrations by A. Gnetova and G. Phan


    Crypto.com Supported The Economist Intelligence Unit Research on Digital Currencies

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