UAE leads the global interest in trust in cryptocurrencies, says YouGov report

UAE leads the global interest in trust in cryptocurrencies, says YouGov report

Compared to the UAE, numbers are much smaller in western markets like the UK (6 percent), France (9 percent) and Italy (11 percent), where laws governing virtual assets are not defined.

Although trust in cryptocurrency in high there are concerns about digital finances, some more prevalent among respondents who intend to trade in cryptocurrencies.

While risk from hackers is the biggest concern about dealing in digital financial services, it is more concerning to those who intend to invest in crypto in the next 12 months as compared to all respondents (51 percent vs 43). The same is true for worries about not being able to access money without internet connection (50 percent vs 37), identity theft (45 percent vs 37) and lesser fraud protection (39 percent vs 32), all of which are more pronounced among those interested in crypto trading.

Government regulation and lack of knowledge are some other barriers surrounding digital finances.

These concerns highlight the need for cryptocurrency providers to address these challenges in order to strengthen trust and expand the market.