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There’s no crypto winter in the Middle East

According to Kaspersky report, 91% of consumers feel at ease making purchases with crypto in the future

There’s no crypto winter in the Middle East
[Source photo: Anvita Gupta/Fast Company Middle East]

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Once considered a niche interest, cryptocurrencies have surged into the mainstream, captivating the attention of investors, businesses, and consumers across the region.

Despite the landscape’s stormy sea of regulation and trauma of mismanagement, a recent study found that 77% of consumers in the Middle East presently own cryptocurrencies, with 66% feeling well-acquainted with their operational aspects. 

The study by Kaspersky showed that nearly half (48%) foresee cryptocurrencies as the future of shopping, expressing willingness to embrace them as a routine payment method.

Acceptance of crypto is rising, with 48% anticipating its widespread use. Moreover, an overwhelming majority (91%) expressed comfort with both online and offline crypto-based transactions in the future.

While gamers see crypto as a top choice for buying video games and upgrades (65% and 46%), clothing and groceries are also gaining traction (45% and 41%). However, concerns about volatility and scams (55%) and security (18%) remain hurdles.

“Our survey results show users’ understanding of cryptocurrency has grown over the last few years. Now, more than half of respondents (66%) are sure they are extremely or very knowledgeable about digital money,” said Marina Titova, Vice-President of Consumer Product Marketing at Kaspersky.

Experts from Kaspersky provide advice on the use of cryptocurrencies:

Verify a Web wallet’s address independently and avoid clicking on links to online banks or Web wallets.

Prior to transactions, meticulously review the recipient’s address (verify at least the first and last characters), the payment amount, and associated fees.

Safeguard a mnemonic phrase enabling wallet recovery if lost or if password retrieval is needed.

Utilize robust antivirus protection for all devices involved in accessing crypto wallets or trading on crypto exchanges.

Employ reliable cryptocurrency hardware wallets for added security.

Maintain a composed approach and make informed decisions when investing in cryptocurrencies, avoiding hasty or panicked actions.

Acknowledge the high risk involved in crypto investments; invest an amount you are comfortable losing at any time. Diversification is often recommended by experts.

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