UAE consumers plan to hold crypto assets in the next 12 months: Checkout.com – ITP.net

UAE consumers plan to hold crypto assets in the next 12 months: Checkout.com – ITP.net

Crypto is rapidly gaining in appeal among younger demographics with 40 percent of 18-35 year old consumers globally wanting and planning to use cryptocurrencies to pay for goods or services within the next year, according to the latest findings of global payments provider Checkout.com.

In its Demystifying Crypto: Shedding light on the adoption of digital currencies for payments in 2022 report, Checkout.com highlighted the increasingly positive trends in the adoption of and appetite for using digital currencies for eCommerce.

The study noted that the rise in interest from consumers marks a substantial shift in attitude towards digital currencies being seen as solely an investment vehicle to a means of doing business on a regular basis.

In the UAE, over 54 percent of 18-35 year old consumers either hold or plan to hold crypto assets in the next 12 months.

This increased consumer openness to cryptocurrency is driven by broader appetite for more convenient, safer payment methods. That is then matched by more merchants and third parties providing the underlying infrastructure to support those methods.

Within the UAE specifically, 54 percent of those aged 18-35 believe that cryptocurrency should be used as Central Bank Digital Currency, not just as an investment asset.

As a result, crypto is