Sunday, January 16

Research reveals that Brazilians believe in the digital Real only in the short term

Many Brazilians believe in the digital Real as a promising technology for the short term, it will not stop in five years. At least this is what a recent study conducted with 999 Brazilians, who participated in an online interview between October 4 and 5, 2021, indicates.

In the research, the intention was to understand how is the adoption of cryptocurrencies in Brazil, the only Latin country that participated in the survey conducted by Capterra.

To participate in the study, respondents had to select whether they know or are familiar with the concept of cryptocurrencies. The selected participants answered “I know what it is” or “I have some knowledge” about cryptocurrencies and validated their knowledge in a subsequent question.

Brazilians even believe in the digital Real, but in the long run they prefer cryptocurrencies

Still in phases of discussion for implementation, the Digital Real is already a system that arouses the interest of Brazilians in digital payment systems. According to a survey carried out by a company in Brazil, 66% of respondents believe that this will be a good system for the national economy.

Despite this, many are concerned about the Brazilian CBDC solution, with 70% of respondents revealing that they fear the launch, especially regarding issues related to security, authority or privacy.

When asked if they can see a future for the Brazilian digital currency, respondents ended up not showing that much confidence.

Despite the high discussion around the digital Real, when people interviewed by Capterra envision the Brazilian currency system in the near future, 4 out of 10 believe that the ideal currency standard is cryptocurrencies.. Of the participants, 71% stated that they trust these online payment systems.

This number is surprising precisely because Capterra’s previous research on PIX adoption, identified the Brazilian’s high confidence in the system. However, this scenario was reached seven months after the launch of the PIX, when the population had already had time to test and evaluate it.

As this is something that has not happened yet with cryptocurrencies, it shows that Brazilians already trust decentralized currency systems more than in centralized ones in the long run.

Brazil is the country with the highest adoption of cryptocurrencies

The study also showed that Brazil has the highest rate of adoption of cryptocurrencies (37%) in relation to other markets in which Capterra is present – ​​Brazil was the only Latin American representative in the analysis. Below Brazil is Spain (27%) and, at the other extreme, Germany (16%).

Despite not having been a criterion for the selection of participants, all respondents declared to have knowledge of cryptocurrencies. However, it is important to highlight that the degree of knowledge varies: 56% confidently claim to know what cryptocurrencies are, while 44% said they have some knowledge about the subject.

Among the reasons that led them to invest in cryptocurrencies, the highlight was the answer “To make a profit”. Others declared their willingness to participate in an innovative and alternative movement.

Among those who do not invest, the main response was fear of lack of knowledge on the subject, a factor that prevents them from buying any currency in the market.

The Capterra study was shared with the Livecoins and can be read in full by interested parties.