Confidence in Cryptocurrencies Is Decreasing in China

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According to a recent survey, the number of people trusting cryptocurrencies in China has dropped by about 15%. While the interest in cryptocurrencies continues to increase day by day, it is observed that confidence in cryptocurrencies in China has experienced a great decline.

China Does Not Trust Cryptocurrencies

A September 16 survey published by data intelligence firm Morning Consult shows that confidence in cryptocurrencies in China has dropped 16% in just one month.

According to the survey, only 26% of adult people in China in August said they trust cryptocurrencies “a lot” or “somewhat”. This rate was around 45% in July.

With China banning cryptocurrency mining operations in the country, the Chinese public has also taken a tough stance against cryptocurrencies.

So much so that China, the world’s most populous country, continues its pressure on cryptocurrencies, driving the public away from the crypto money industry. In addition, the announcement earlier this week that the northern province of Hebei will go after crypto miners reveals that the crackdown on cryptocurrencies is still unfinished.

Alongside its mining operations, China has stepped up its anti-crypto campaign in the banking sector.

With China putting so much pressure on cryptocurrencies, the decline in public confidence in crypto assets is normally inevitable. So much so that, compared to China, trust in crypto in the US has dropped by only 2%.

India Leading

Among the 15 countries included in the Morning Consult survey, India sits in the leadership seat and 86% of respondents say they trust cryptocurrencies. The high percentage clearly indicates that there is a clear disconnect between the government’s cryptocurrency policies and the public.

Brazil is in second place with 69%, followed by Mexico with 65%. As we mentioned before, almost half of the Brazilian people want to make Bitcoin the official currency.

Additionally, Russia (54%) and Spain (45%) are the fourth and fifth countries that trust cryptocurrencies the most.

Japan and South Korea are at the bottom of the list, with 48 percent of respondents saying they never trust cryptocurrencies.

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