A survey by international internet data research company Yougov has provided insight into the progress of the replacement of fiat money with cryptocurrency in Brazil.
According to its results, almost 15% of Brazilians would consider replacing bank accounts with cryptocurrency, using an alternative technology. However, more than 60% still disagree with the use of cryptocurrency instead of banking products.
The remaining respondents did not express a preference for either option, but Yougov's Managing Director for Latin America, David Eastman, concluded that these customers were hypothetically unhappy with their banking experience and were ready for a change.
Banks will have to develop new approaches to avoid an outflow of clients and their funds, says Eastman.
Even with the popularity of cryptocurrencies and the rise of cryptocurrency exchange-traded funds ( ETF ), allowing institutions to invest in cryptocurrency, mistrust of the new asset class is still high in Brazil.
The same survey found that 40,4% do not trust cryptocurrencies, and only 21,6% disagreed with the statement that they are unreliable. This is due to the growing number of cryptocurrency-related scams. According to the US Federal Bureau of Investigation, Brazil is the 11th country most affected by these scams in 2023.
