Digital currency and metaverse: The French list their conditions for entering cryptocurrency

Cryptocurrencies are expected to fill more and more of our daily lives. However, the French are far from jumping on digital currencies.

Some misunderstanding of blockchain

The hesitation of the French people regarding the use of cryptocurrencies is justified by various factors. Not surprisingly, the first lies in the misunderstanding of the blockchain system and its interests: what are cryptocurrencies actually used for, and how do they work?
The Iligo Research Bureau recently questioned a sample of the population to compile a barometer for the use of multiple monitors. Although it focused on the meta-verse, the study revealed that most French people still see the industry as pure entertainment.

The French largely project themselves into Metaverset and see it more as a leisure and entertainment aspect: watching a movie (74%), going to an exhibition (65%), attending a concert (64%) or even visit a country (62%). %) are the most popular activities. The educational and professional aspect with courses, conferences and training is also a possible dimension for 7 out of 10 French people. On the other hand, the dimension of economic gain through investment and purchase of real estate and cryptocurrencies is more polarizing and is not, however, thought of by a majority.

Excerpts from the study made by Iligo

Similarly, 59% of French respondents think that the meta-verse can be very useful for shopping. But unlike brands that see it as an economic interest and who believe that virtual purchases can make up a significant portion of their revenue, the population does not view the metaverse and crypto market as a viable economy. Although 77% of the respondents expressed a desire to visit the metaverse, 62% of them continue to consider the metaverse uninteresting.

So far, the industry does not seem to be present enough to force them to rethink their spending habits or to force them to adopt cryptocurrencies as a new means of payment. A phenomenon also explained by a lack of education and understanding, as most French people do not understand the need to create a parallel economy to the one we already have and do not know how crypto could be more reliable than the traditional system. Similarly, some individuals do not trust technology or are too detached from it to want to discover new ways of doing things.

Cryptocurrencies: source of a generational conflict

As the current economic system is still controlled by older generations and the majority of the population feels overwhelmed by new technologies, the use of cryptocurrencies is therefore globally marginal. The generation of 18-34 year olds is increasingly inclined to turn to virtual currencies and the metaverse.

For 75% of them, the metaverse and virtual worlds are above all a place to meet new people and at the same time circumvent health constraints, so it’s a way to interact differently. However, these 18-34 year olds are the ones who express the greatest reservations about a potential lack of security in relation to personal data.

Excerpts from the study made by Iligo

Having grown up with new technologies and been educated through them, the 18-34-year-olds therefore see the transition to the virtual as something natural. Nevertheless, for 75% of them, the cryptosphere is still considered as entertainment and less as a way to make money. The industry is therefore characterized by its social aspect and is still far from being considered a long-term investment.

Source: excerpt from the study made by Iligo

The French are still afraid of technology

While social networks have completely transformed the ways of interacting, and the virtual has taken precedence over the real to the annoyance of older generations, the Frenchmen Iligo interviewed all expressed some fear of the metaverse. The use of Facebook is constantly being questioned, and Twitter is sitting in the hot seat of free speech, but the fear that the meta-verse will become a new social network is still present.

If the fact of integrating a virtual world is not an issue, it is the excesses that follow from it that block majority acceptance.

The French are 62% to understand the emergence of these new virtual worlds, and a third believe they will have a negative impact on society. This negative feeling is especially linked to this uncertainty of data, but also to this perception of threats and dangers that these virtual worlds can generate (especially cyberbullying and addiction).

Excerpts from the study made by Iligo

The meta-verse has not escaped the wave of cryptocurrency scams. Unfortunately, as fraud and misunderstandings are widely published, the French seem to see more the “dangerous” side of the cryptosphere than the positive it could bring to a world already exhausted by its economy.

Solutions are in place to bring the French closer to cryptocurrencies

However, all is not lost. Far from turning completely away from cryptocurrencies, the French are ready to take an interest in them under certain conditions. According to a study by Sia Partners and Finance Innovation, the cryptosphere was able to find its noble letters in the human rights country through education. Thus, 43% of the respondents said that they could invest in the sector if they had better knowledge of it.

The education of the population would make it possible to respond to all the questions raised by the Iligo survey. By explaining how blockchain, wallets, and transfers work, among other things, the French could see that the industry is much more than just entertainment, even though its reputation is constantly tainted by stories of speculation. We would then have to mention the existence of stablecoins, although the advent of a digital euro could potentially open up some new horizons.
The biggest job, however, lies in educating older generations, which would require practical work. Nevertheless, a crypto module could be easily integrated into the struggle for digital inclusion. Currently dedicated to the elderly, it could open up to a wider audience as we would take the opportunity to talk about the security of the metaverse and the cryptocurrency while teaching the right moves that would allow everyone to benefit from industry with peace of mind.

Finally, according to the survey conducted by Sia Partners and Finance Innovation, 23% of respondents could invest in crypto if their bank offered it to them. As these are seen as a guarantee of trust (digital currencies are therefore no longer seen as a shadow asset), the opening of crypto services will allow customers to invest and save more easily without having to use third-party sites. It is therefore also the impression of not knowing where to start or which reliable company to turn to that keeps the French away from the industry at the moment.

From a more pessimistic point of view, the French may have to turn to cryptocurrencies in the event of force majeure such as war or an economic crisis, as some have done in Ukraine. Finally, it nevertheless seems that the concerns of the population are quite different from those of the government and the world of finance, although it is the latter that conveys the most hesitation through media coverage. The democratization of the industry will therefore not happen without the latter, who still enjoy majority support, but by reaching out to the French, we could encourage them to form their own opinion and experiment with metaverse and digital currencies without fear.

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