24.10.2020

66% of Europeans Believe Crypto Will Still Be Around in 10 Years

According to Worldometer, a COVID-19 tracking website, there have been more than 3.1 million total coronavirus cases globally, with over 218,000 deaths so far. The impact on the global economy has been huge, with predictions it will result in a recession bigger than anything since the Great Depression.

Two-thirds of Europeans surveyed think cryptocurrency is here for the long haul, according to bitcoin exchange bitFlyer.

Released Wednesday, the second annual Crypto-Confidence Index poll conducted by the European arm of the exchange, bitFlyer Europe, found 66% of respondents believe cryptocurrencies will continue to exist in 10 years’ time.

The survey, conducted via Google Surveys, polled 10,000 individuals across 10 Europeans countries to arrive at its results, the exchange said.

The 2020 response is a 3% increase on the results of the survey a year ago, which bitFlyer said demonstrates growing confidence in cryptocurrencies despite the “crippling effect” the coronavirus has had on the global economy.

Zooming into the survey numbers, Italy – one of the most impacted countries from the pandemic in the European Union – was found to be the most optimistic regarding crypto’s future, with almost three-quarters (72%) believing they will continue to exist in some form in 10 years’ time.

Following close behind were the Netherlands and Poland, with 70% of respondents from those nations saying cryptocurrencies will continue to exist in a decade. Spain was third most optimistic with 68%.

“It is pleasing to see these results that indicate a slow but steady progression of cryptocurrencies into the mainstream consciousness,” said Andy Bryant, COO at bitFlyer Europe. “Although we might look at this as an achievement for digital currencies in spite of the challenging economic times we are facing, it is also worth considering that this may well be partly because of these times.

U.K. respondents were revealed to be the least confident. Even so, more than half (56%) still took the long view for the financial tech. The U.K result increased considerably to nearly two-thirds (61%) when narrowing the results to respondents between 18 and 44.

While still saying they would exist in 10 years, a quarter (25%) of the Europeans polled were, however, uncertain on the specific use cases for cryptocurrencies in the future.

6 Explanations for Crypto’s Fascination With Coronavirus

We’re concerned about coronavirus, but why? Is it about self-sovereignty? About BTC as a reserve asset? Or are we just Chicken Little prophets of doom?

The spread of Coronavirus has dominated the news cycle across industries, but the discussion has been particularly fierce in both the finance and tech worlds, with crypto right in the lead.

For a month or more, prominent crypto voices have been discussing the event in terms of skepticism of reported government cases, questions of market impact, and plans for personal preparation.

NLW surveyed more than 1500 people on Crypto Twitter to ask why crypto was so interested in the Coronavirus.

15 Nations Plan Global Crypto Monitoring System Under FATF

Fifteen nations are planning to set up a system to monitor cryptocurrency transactions alongside the Financial Action Task Force (FATF), a Friday report indicates.

According to Nikkei Asian Review, the aim is to stem the movement of funds for illicit purposes, such as money laundering and funding of terrorism, by collecting and sharing transaction data, as well as the personal information of cryptocurrency users.

FATF, the international money-laundering watchdog, would manage the project, which is slated to be finalized by next year and live within several years. The 15 nations, including the G7 members, Australia and Singapore, would develop the system, says Nikkei.

In June, FATF issued standards on crypto regulation, setting out that its 30 member nations should set rules for crypto currency service providers, including that they must monitor and report suspicious transactions and share data on cryptocurrency users with other platforms.

The G7 group of nations also warned in July that cryptocurrencies like Facebook’s Libra are a threat to global financial stability, and that that rules of the “highest” standards are needed to minimize the use of digital currencies in money laundering and funding terrorism.

FATF was also reported last month to have given its permission for Japan to lead the creation of an international cryptocurrency payments network similar to banking network SWIFT, also aimed to stem money laundering.

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