Bitcoin, Crypto currency, Blockchain

ZEW study: crypto-currencies is too complex for everyday use

Experts are pessimistic about the use of crypto-currencies for day-to-day trade in Germany. Time-to-time by the centre for European economic research (ZEW) after the evaluation, a survey of the currencies to the economic importance of Crypto.

The centre for European economic research (ZEW) is one of the leading German economic research institutes, the enjoys in the whole of Europe in high regard. As a non-profit economic research Institute, it has prescribed for itself the economic analysis of European markets and institutions. For this reason, the ZEW interviewed every month up to 300 experts from the banking, insurance and financial area. Their assessments of current and future situations are intended to provide information about the current mood in the economy. In the context of a special question of the ZEW financial market test the ZEW has carried out a comprehensive analysis of the importance of crypto currencies for the European economy.

Pessimistic estimates for Germany

The participants of the ZEW survey should give your opinion about it, how likely do you think the Pay with crypto currencies for different products until the end of 2020. The ZEW came to the conclusion that crypto-currencies are regarded in Germany as being too complex, than you might be used to Pay for everyday products.

Thus, the respondents estimated the probability that you can pay for in Germany by the end of 2020 digital products such as music with crypto-currencies, to 23 percent. The Pay of “Offline products”, such as the “Coffee-to-go” with virtual money that they found even just 13 percent is likely. The assessment in respect of capital goods, such as cars is still in the negative. The should Probably be here only six percent. Accordingly, the experts assess the forecasts for Germany compared to other industrialized countries as considerably more pessimistic.

Japan and the United States are crypto-affinity

The purchase of digital products with crypto-currencies is supposed to be in Japan (34 per cent) and the USA (35 per cent) considerably more likely. Also everyday purchases with Bitcoin & co. in Japan and the USA, with 23 per cent a higher probability than here. Also major purchases with crypto-currencies are supposed to be in Japan to 13 percent, in the United States to 15 percent.

“Behind our results is the expectation might be that conventional means of payment conform to the requirements of the market participants already to a large extent, while crypto-currencies are valued by the end of 2020 is technically still too complex for everyday use, or the transaction costs for payments in crypto-currency as still too high”,

ZEW researchers Dr. Dominik Rehse explains the results of the survey.

“The results reveal also the expectation that new financial technologies are incorporated in Germany than in other countries.”

Around 74 percent of the respondents calling for the regulation of crypto-currencies should be based on existing legal requirements. Nine percent even for a ban of any kind of Blockchain technology. However, this result of the survey is hardly surprising, given, whose opinion has been evaluated by the ZEW for this purpose.

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