The prohibitive policy of the Chinese authorities regarding cryptocurrencies has not been in vain. According to a new study, the level of trust in cryptocurrencies in the country fell by 36% in a month.
Morning Consult has published a study examining the level of trust in cryptocurrencies in different countries. According to its results, the share of respondents in China who have confidence in cryptocurrencies decreased by 16 percentage points, or 36% in absolute terms. In August, only 29% of Chinese respondents said they have confidence in cryptocurrencies, up from 45% in July.
Changes in the mood of Chinese citizens are not surprising. In recent months, the Chinese government has been putting strong pressure on the cryptocurrency industry, including bans on mining in many provinces. According to the recently released China Financial Stability Report 2021, all P2P cryptocurrency platforms in the country have already been closed, and the bank has ended its fight against virtual currency transactions and the direction has been “placed under the supervision” of the relevant authorities.
Among 15 countries included in the Morning Consult survey, India is in the leading position, with 86% of respondents saying they trust cryptocurrencies. The Indian government has previously warned that it may ban cryptocurrencies in the country, however, the Indian authorities recently revised their position on cryptoassets, abandoning a complete ban and began a phased development of a regulatory framework to regulate them. Brazil ranks second in terms of public confidence in cryptocurrencies (69%), and Mexico ranks third (65%).
Russia was in fourth place – 54% of respondents confirmed that they trust cryptocurrencies. Perhaps this figure will also soon begin to decline against the background of regulatory pressure. Recently, the Central Bank of the Russian Federation included transactions with cryptocurrency exchangers in the recommendations for blocking cards and accounts and warned of plans to limit transfers to cryptocurrency exchanges to prevent “spontaneous purchases of cryptocurrencies.”
Spain closes the top five most friendly to cryptocurrencies, with 45% of respondents positive about cryptocurrencies. Japan and South Korea are at the very bottom of the list: 48% of those surveyed from these countries said they do not trust cryptocurrencies at all.
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