Blockchain Adoption Linked to Dissatisfaction with Finance Systems

(Originally posted on : Crypto News – iGaming.org )

Coinbase has released its latest State of Crypto report, developed in collaboration with Ipsos, to examine how blockchain technology and cryptocurrencies are perceived in Argentina, Kenya, the Philippines, and Switzerland. The study highlights the role of crypto in addressing financial challenges across these countries, each with unique socioeconomic conditions.

The survey collected responses from 4,000 adults in the four countries, chosen to reflect diverse geographic, cultural, and economic backgrounds. Despite their differences, these countries share a common perspective: dissatisfaction with their financial systems and a belief that blockchain and crypto could provide solutions.

Perceptions of Financial Systems

The report reveals that less than half of the respondents in all four countries believe their financial systems will improve their lives compared to the previous generation. In Argentina and the Philippines, people feel their current financial situation is slightly better than before, though far from ideal. In contrast, respondents in Kenya and Switzerland are more critical of recent financial developments, preferring earlier systems.

Across all countries, financial systems were described as “slow,” “expensive,” and “unstable.” Respondents cited challenges such as a lack of innovation, unfair practices, and the devaluation of their national currencies. Other concerns included excessive centralization and the difficulty of earning and saving money.

Crypto as a Tool for Change

Many respondents see crypto and blockchain technology as a way to gain greater financial independence and control. Around 70% of those surveyed believe digital currencies can help achieve these goals. Both crypto owners and non-owners view blockchain as a tool to improve financial systems by making them faster, more accessible, and innovative.

Kenya and the Philippines showed the strongest interest in crypto, particularly as a means to combat centralization, discrimination, and economic hardships. Argentina’s respondents expressed concerns about trust in financial institutions and saving money. In Switzerland, the appetite for crypto was lower, though 70% of crypto users in the country felt it gave them more financial freedom and control.

Challenges and Opportunities

The report highlights a link between dissatisfaction with financial systems and support for blockchain technology. Countries like Kenya and the Philippines, where access to traditional banking services is limited, view crypto as a viable alternative. In contrast, Switzerland, where financial systems are relatively stable, shows less urgency for adopting blockchain solutions.

Most respondents agreed that broader blockchain adoption could benefit individual wealth and improve financial systems. Many believe that the technology promotes innovation while giving individuals more control over their finances.

A Regional Divide

Switzerland stands out in the report with lower interest in cryptocurrencies and blockchain compared to the other three countries. This reflects greater satisfaction with its financial system and lower reliance on alternatives like crypto. On the other hand, Kenya’s growing smartphone penetration and limited banking access make it a leading region for adopting blockchain-based solutions.

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