A new study suggests that many consumers remain cautious about the prospect of purchasing or using digital currency.
The
report
was written by the Massachusetts Division of Banks (MDB) in conjunction
with the Conference of State Bank Supervisors (CSBS), who canvassed
more than 1,000 consumers with an online survey that focused on digital
currency.
The CSBS, which is a national organization of bank regulators, previously
held a hearing on the topic of digital currency in May.
The survey data shows that while a slim majority of respondents
(51%) have heard of digital currency, 65% stated that they are
“unlikely” to ever buy or use a technology like bitcoin.
Eighteen percent of participants indicated that they were “likely” or
“very likely” to use a digital currency, and only 3% of those who had
heard of bitcoin said they had actually bought some.
Research phase
According to the CSBS, the Emerging Payments Task Force – the
organization’s working group that focuses, in part, on bitcoin – will
use the data as it continues to develop its policies for digital
currency.
In a statement, the chairman of the task force and Massachusetts
Commissioner of Banks David Cotney said that the study fits into the
broader research phase currently taking place.
He explained:
“State regulators welcome innovations that lead to
greater choice and lower costs, but we also want to understand any
consumer and marketplace risks as we evaluate the overall benefits of
virtual currencies.”
Concerns highlighted
Fears regarding security and regulation, as well as concerns
regarding the lack of consumer protections afforded in the traditional
financial system, were highlighted in the study.
Sixty-one percent said that the overall security of their bitcoins
would factor significantly into whether or not they used or purchased
some, while 43% of study participants stated that bitcoin’s tax status
would be a major factor. Forty-eight percent reported that concerns of
insurance might stop them from buying bitcoin.
The report highlighted answers from roughly 350 participants who gave
additional comments on the topic of digital currency. Twenty-five
percent suggested that, because of their concerns, they would never buy
bitcoin. The overall safety of the process was questioned by 13% of
respondents, while 14% suggested that they didn’t know how digital
currency might be used.
Age and affluence a factor
The data also highlighted how knowledge and perception of digital
currency breaks down by age demographics. Overall, younger respondents
expressed far greater levels of enthusiasm for bitcoin than older
participants.
Read more at:
http://www.coindesk.com/banking-survey-65-us-consumers-unlikely-buy-bitcoin/
