Cryptocurrencies need to prove their usefulness

ING, a Dutch bank, has released a report entitled “From Cash to Cryptocurrencies: The Money Revolution,” which claims that digital assets need to prove their worth.

“In order for cryptocurrencies to become ubiquitous, technical improvements are needed,” said Teunis Brosens, ING’s leading economist in digital finance and regulation, in the report.

A survey conducted by ING shows that the number of people related to cryptocurrencies is positive, neutral and negative, about the same. The report says:

“Most people (74%) understand that cryptocurrencies are a form of digital money, but almost the same percentage (73%) either mistakenly believe that cryptocurrencies are controlled by the central authority, or say they don’t know.”

However, a fairly large number of respondents believe in the future of cryptocurrencies. The most friendly towards digital assets are in Turkey – 62% of respondents consider them a positive phenomenon. Most likely, the point is the inflation of the local currency.

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Europeans are not particularly interested in the possibility of sending money via social networks – only 17% of respondents allowed this possibility. However, the survey was conducted before the announcement of the Libra project, developed by Facebook.

“Libra will be the first major test for social networks. The key issues are the regulation and use of stablecoin for domestic and international payments, ”said Brosens.

Recall that, as a recent ING study showed, Europeans have less faith in bitcoin and are skeptical of cryptocurrencies in general. Moreover, more than 30% of respondents in Turkey are ready to get paid in bitcoin.