BIS report: "Investment in cryptocurrencies is not associated with distrust of traditional finance" – Bits Media

According to a study by the Bank for International Settlements (TO), investments of US citizens in cryptocurrencies are driven by the desire to make a profit, not disappointment in the traditional financial industry.

BIS analysts have published research results, in which They tried to find out, Is the cause of the popularity of cryptocurrencies in distrust of the existing financial system lies. IN
The report is indicated, that American citizens do not consider digital assets as an alternative to fiat currencies. The cryptocurrency industry attracts people with the possibility of market speculations in order to make a profit.

At the same time, users, Concerned to the safety of cash or bank accounts are striving to get detailed information about cryptoactives. However, most cryptocurrency owners consider ordinary money and traditional banking services less convenient, Although this does not apply to online banking. The presence of debit cards and mobile applications for making payments increase the likelihood of cryptocurrency own 0.9% and 2.7 % respectively.

BIS specialists came to the conclusion, What is the higher in a person the level of education and income, the more likely, that he will buy cryptocurrencies. It also turned out, that the most popular cryptocurrencies in the US was BTC, BCH, ETH, XRP и LTC. Every year, the awareness of American citizens about the cryptocurrency market is increasing, Since people are trying to increase their level of financial literacy.

So, in 2014 only about the year 40% US citizens knew about Bitcoin. IN 2019 This figure has grown to almost 70%. Nevertheless, Only a small percentage of people moved to the practical part - directly to the purchase of crypto assets. IN 2019 only year 1.4% US population owned at least one cryptocurrency.

In conclusion, the authors of the report reported the need for “neutral” regulation of the cryptocurrency industry. To do this, you can use blockchain technology, on the basis of which crypto acts function, to simplify normative control and make it more transparent.

Recently, BIS analysts presented another report. They claim, that digital currencies of central banks will work more efficiently with the participation of commercial banks and suppliers of payment services, so that they do not "fall out" from the financial system.