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Digimentality 2022
Fear and favouring of digital currency
Commissioned by
Digimentality 2022: Fear and favouring of digital currency 2
Contents
1 About the report
2 Introduction
Defining digital payments
5 Part I: A shifting landscape
Some ways to go
Future expectations
Moving forward
13 Part II: Green light from investors?
Evolution leads to new barriers
A changing portfolio outlook
The next phase
19 Conclusion
Key takeaways
21 Appendix 1: Consumer survey demographics
23 Appendix 2: Institutional survey demographics
© The Economist Group 2022
Digimentality 2022: Fear and favouring of digital currency 1
About this report
Digimentality 2022—Fear and favouring of digital The second part of the report draws from a survey
currency is a report from Economist Impact, of 150 institutional investors and corporate
commissioned by Crypto.com, exploring the treasury management respondents conducted
extent to which digital payments are trusted by in January and February 2022. About a third of
consumers and what barriers may exist to basic respondents are North America-based with the
monetary functions becoming predominantly remainder spread across Australia, China, France,
electronic or digital. The report compares the Germany, India, Singapore and the UK. All survey
attitudes of consumers with similar surveys takers were familiar with their organisation’s
conducted in 2020 and 2021 and adds the investment decision-making processes.
perspective of institutional investors and
Complete demographics can be found in
corporate treasurers. Kim Andreasson is the
the appendix.
author and Siddharth Poddar is the editor of
this report. The following experts gave their perspectives
for the report:
A consumer survey of 3,000 people conducted
in January and February 2022 provides data • Tobias Adrian, financial counsellor and
for the first part of the report. One-half of the director of the Monetary and Capital Markets
respondents came from developed economies Department, International Monetary Fund
(United States, United Kingdom, France, South
Korea, Australia and Singapore) and one-half • John Mitchell, CEO and co-founder,
from developing ones (Brazil, Turkey, Vietnam, Episode Six
South Africa and the Philippines). About seven
We would like to thank all interviewees and
in ten respondents were between 18 and 41
survey respondents for their time and insight.
years old with the remaining aged 42 years or
older. Roughly half (53%) were men and the rest
women (47%). Various educational backgrounds This report is written based on two surveys
are represented, with the largest numbers of conducted in January and February 2022—
respondents (about 3 in 4) having a university or one of 3,000 consumers and the other of
professional degree. All respondents had bought 150 institutional investors and corporate
a product or service within the past 12 months treasury management respondents.
using some kind of digital payment.
© The Economist Group 2022
Digimentality 2022: Fear and favouring of digital currency 2
Introduction
Digital payments—ranging from credit cards regulate cryptocurrencies. In Asia, for example,
and payment apps to cryptocurrencies and the regulatory landscape is complex and varies
central bank digital currencies (CBDCs)—are from jurisdiction to jurisdiction, and continues
at a crossroads. In Sweden, the Central Bank to evolve, impacting the use of cryptocurrencies.
2021 Payments report noted that the use of In the month of April 2022 alone, Australia,
cash has now fallen below 10% (as measured China, Hong Kong, India, Singapore and the
by the last transaction made).1 The report also Philippines saw regulatory developments around
noted that the pandemic has spurred the use of crypto assets.2 In the United States, meanwhile,
digital options – echoing a key finding from the the Secret Service launched a cryptocurrency
2021 survey conducted as part of this research awareness hub in February 2022 to raise
program. “There’s a need to move towards a understanding of their usage.3
cashless society and I think we saw some of that
during the height of the pandemic,” says John “The shift towards digital assets requires a shift
Mitchell, CEO and co-founder of Episode Six, a in technology,” explains Mr Mitchell, whose
payments company. “The convenience, speed company provides clients with the ability to put
of transactions, inclusion and efficiencies are all together products that allow their customers
reasons for this.” to pay with any asset anywhere. “The future is
extraordinarily bright.” This seems clear from
A wide range of countries are considering the the survey findings, which indicate there is a
introduction of CBDCs to promote a cashless better understanding of digital assets and greater
society. Cryptocurrencies have also been optimism around their use.
adopted as legal tender in El Salvador and the
Central African Republic. At the same time, The use of digital payments from a consumer
the move towards digital payments faces perspective is also the focus of the first part
challenges. In the consumer survey conducted of this report. It compares the attitudes of
for this report, there is an uptick in the trust for consumers with similar surveys conducted in
cash. Many governments have also moved to 2020 and 2021 to identify trends to what extent
1 https://www.riksbank.se/en-gb/payments--cash/payments-in-sweden/payments-report-2021/2.-safety-and-efficiency/
2 https://www.cliffordchance.com/insights/resources/hubs-and-toolkits/talking-tech/en/articles/2022/05/global-crypto-round-up-may-2022.html
3 https://www.secretservice.gov/newsroom/releases/2022/02/us-secret-service-launches-cryptocurrency-awareness-hub
© The Economist Group 2022
Digimentality 2022: Fear and favouring of digital currency 3
digital payments are trusted by consumers and
what barriers remain towards a cashless society.
The second part of this report compares the
attitudes of institutional investors and corporate
treasurers to identify their view of digital
payments and assets, and compares the results
to a similar survey conducted in 2021.
Defining digital payments
For the purposes of this report, we use the
term “digital payment” to include any and all
of the following:
• Online banking (direct payments from a bank
account to a person or business via electronic
means instead of a paper cheque)
• Mobile payment or e-wallet (typically via
smartphone, including WeChat pay, Alipay,
Google Pay, Apple Pay, etc.)
• Online money transfer services (PayPal,
Venmo, TransferWise, etc.)
• Open source (non-bank) digital currencies
(which include but are not limited to
cryptocurrencies such as Bitcoin, Ethereum,
Litecoin, etc.)
• Central bank digital currencies (CBDC)
involving digital currency issued as legal tender
by a central bank (such as the Chinese digital
yuan or the Swedish e-krona)
• Corporate-issued digital currencies
introduced (sometimes called a “Permissioned
blockchain”, such as but not limited to JP
Morgan’s JPM coin)
© The Economist Group 2022
Digimentality 2022: Fear and favouring of digital currency 4
“There’s a need to move towards a
cashless society and I think we saw
some of that during the height of
the pandemic. The convenience,
speed of transactions, inclusion and
efficiencies are all reasons for this.”
John Mitchell
CEO and co-founder
of Episode Six
© The Economist Group 2022
Digimentality 2022: Fear and favouring of digital currency 5
Part I: A shifting
landscape
CBDCs are now favoured by 14% of people, a big “It’s natural for physical cash to be
increase from 4% in 2021. Perhaps as a result, about complemented by digital cash as the world
one-third of consumers expect their government is becoming more digital and it’s a natural
or central bank to launch a CBDC within the next evolution,” says Tobias Adrian, financial
three years (37%) and/or make cryptocurrency counsellor and director of the Monetary and
legal tender (37%). More than 60 central banks Capital Markets Department of the International
are at different stages of CBDC development Monetary Fund (IMF). “It might not be used
with China and Sweden having started live pilots, much but in principle, being possible to convert
according to the 2021 CBDC Global Index from into central bank digital currency might be an
PwC, a professional services firm.4 important anchor for the digital economy.”
Figure 1: Changing consumer expectations
To what extent do you agree or disagree that the following developments will occur within the next three years?
Strongly agree/Somewhat agree Neither agree nor disagree Somewhat disagree/Strongly disagree Don’t know
I expect my country’s government or central bank to issue a CBDC (central bank digital currency)
36.5% 43.4% 18.6% 1.5%
I expect my country’s government or central bank to officially make Bitcoin or other cryptocurrencies legal tender for transactions in my country
36.6% 43.5% 17.9% 1.9%
I expect to buy, hold or sell non-fungible tokens (NFTs)
60.1% 28.3% 7.5% 4.1%
I expect to use applications of decentralized finance (DeFi) for personal or professional financial transactions
34.2% 44.2% 17.2% 4.4%
Source: Economist Impact
4 https://www.pwc.com/us/en/financial-services/regulatory-services/publications/assets/evolution-of-money-CBDCs.pdf
© The Economist Group 2022
Digimentality 2022: Fear and favouring of digital currency 6
Meanwhile, the use of physical credit or debit
cards has dwindled. Only 8% of consumers say
they always use them, compared with
about one-third (31%) in 2021 and 26% in
2020. Instead, online banking (22%) is the most
preferred digital option among respondents
(same as in 2021, and up from 19% a year
earlier). The use of cryptocurrencies, such as
Bitcoin, Ethereum and Litecoin, among others,
remains steady at about 4% of people who
always use them (compared with 4% and 5%
in recent years).
Some ways to go
Cash remains king when it comes to trust. In the past 12 months, 24% of survey takers
Eight in ten (85%) of respondents consider reported that they always used digital payments
cash to be trustworthy as a method of payment, instead of physical banknotes, coins or credit
slightly up from last year (83%). “Different cards. Another 4 in 10 (36%) said they used
countries have different cultures,” says Mr Adrian digital payments often (at least 50% of their
about the hesitation to use digital payments purchases). This is in line with the previous
across the world. “Stability and the acceptability two surveys where the equivalent figures
as a means of payment, of course, are very were 27% and 41% respectively (2021) and
important as well.” 22% and 42% (2020).
Figure 2: Use of digital payments challenges cash
Within the past 12 months, how often have you typically used digital payments instead of physical banknotes, coins or
credit cards?
14.3%
23.8%
Always (as close to 100% of purchases as possible)
Often (at least 50% of my purchases)
26.2% Sometimes (less than 50% of purchases but greater than 10%)
Rarely (less than 10% of purchases)
35.6%
Source: Economist Impact
© The Economist Group 2022
Digimentality 2022: Fear and favouring of digital currency 7
Cryptocurrencies continue to be the most say their country will never become cashless
common form of digital payment (used by 13% compared with one-fifth (19%) in 2021 and
of survey takers), followed by a digital currency one-third (28%) who said the same in 2020. “It’s a
issued by technology and financial firms (12%), societal move to digital everything,” explains Mr
and a government issued digital currency Mitchell. “There will be new ways to transact that
(9%), which is largely similar to year-over-year we aren’t talking about today, and that evolution
comparisons. All survey takers had made a in payments and finance will continue.”
payment for a product or service over the past
Among those who believe their country will
12 months using any kind of digital payment,
become cashless, government and the public
with one-half being from developed countries
sector is seen as the biggest influence moving
and one-half representing developing countries.
forward (49% compared with 27% in 2021),
echoing the finding in the institutional survey
Future expectations
that regulations play an increasing role towards
Eighteen percent of respondents say the country acceptance and adoption. Indeed, government
in which they live will become cashless (defined regulations (27%) are seen as the main barrier
as predominantly using digital instead of physical towards their country becoming cashless by
payment methods) in the next year or two, survey takers, up from 20% in 2021, while habits
compared with 17% in 2021 and 14% a year with physical cash (23%) has dwindled on the list
earlier. Indicative of this trend, only 13% now of obstacles (previously cited by 40%).
Figure 3: Going cashless soon…
Do you believe the country in which you live will become “cashless” (predominantly using digital instead of physical
payment methods)?
Yes, it is already cashless
3%
Yes, it will become cashless in the next year or two
18%
Yes, it will become cashless over the next 3 to 5 years
47%
Yes, it will become cashless but not for five years or more
18%
No, my country will never become fully cashless
13%
Don’t know
1%
Source: Economist Impact
© The Economist Group 2022
Digimentality 2022: Fear and favouring of digital currency 8
Figure 4: … but barriers remain
What do you see as the major barriers to your country becoming “cashless”? If your country is already cashless, please
base your answers on barriers experienced before it became cashless. Please select up to three.
Government regulations
27%
Low consumer acceptance
25%
Low business acceptance
24%
Lack of understanding of the technology
23%
Habits with physical cash are too strong
23%
Unable to pay small transactions, no relevance to daily life
22%
Data privacy concerns
22%
Ease of use is inadequate
20%
Unproven technology
20%
Don’t know
0.4%
Source: Economist Impact
“Many bodies that are handling the regulatory efficient and successful way.” For consumers,
concerns might not be up to speed on the the main impacts are practical challenges. It is
technology,” says Mr Mitchell. “And if one hard to regulate crypto assets, but Mr Adrian
doesn’t understand the technology, it will be says “what can be regulated are entry points
quite difficult to regulate it in an appropriate, and exit points.”
© The Economist Group 2022Digimentality 2022: Fear and favouring of digital currency 9
Moving forward
The biggest barriers towards greater adoption plummeted from 51% to 22% year-over-year
are similar across the different types of digital according to survey takers. Instead, the main
currencies available with small nuances. For obstacle is now viewed as the need for a secure
open-source digital currencies (such as but not form of digital personal ID, which does not yet
limited to Bitcoin) the lack of knowledge has exist (cited by 24.3% compared with 13% in 2021).
Figure 5: Biggest barriers to greater adoption of open-source digital currencies
In your opinion, what are the biggest barriers to the greater adoption of open-source digital currencies in your country?
Please select up to three.
2022 2021
Use of digital currencies is not well understood
22%
51%
The technology is not secure
20%
34%
It is difficult to know where to buy digital currencies
23%
29%
The procedure to buy digital currencies is too complicated
24%
26%
There is no intrinsic value behind digital currencies
22%
26%
They are mostly used for fraudulent or illegal transactions
24%
24%
There are too few options to use open source digital currencies
24%
20%
It requires a secure form of personal digital ID, which doesn’t yet exist
24%
13%
It is illegal to purchase some digital currencies in my country
23%
8%
Don’t know
1%
9%
Source: Economist Impact
© The Economist Group 2022Digimentality 2022: Fear and favouring of digital currency 10
“What can be regulated
are the entry points
and exit points.”
Tobias Adrian,
Financial counsellor and
director of the Monetary and
Capital Markets Department,
International Monetary Fund
© The Economist Group 2022Digimentality 2022: Fear and favouring of digital currency 11
Greater adoption of CBDCs continues to be (65%) saying they are trustworthy, supporting
hampered by a lack of education (27%), technical the institutional survey finding that companies
literacy (27%), as well as unequal access (27%), are increasingly exploring their use. In fact,
the latter which has risen in importance year- 60% of survey takers expect to buy, hold, or sell
over-year (20%). NFTs within the next three years. “We want to
be associated with the future,” says Mr Mitchell.
Corporate-issued digital currencies primarily
“We’re working on the ability to use NFTs as a
suffer from a lack of technical literacy (26%), a
payment system [in addition to cryptocurrencies].”
small increase from 2021 (24%).
An NFT (a piece of art, for instance) can be
Meanwhile, non-fungible tokens (NFTs), are a used for payment by converting the asset into
rising star—trailing only cash—with two-thirds something else, such as the US dollar.
Figure 6: Education, access and tech literacy key barriers in CBDC adoption
In your opinion what are the biggest barriers to the greater adoption of CBDCs or corporate-issued digital currencies in
your country. Please select all that apply.
Technical literacy (use/function of digital currencies not well-understood in the general populace)
27%
Lack of education (general literacy in the populace prevents people from using digital technology)
27%
Unequal access (technology/devices required are too expensive or otherwise unavailable to sections of society)
27%
The procedure to exchange/store/use is too complicated for large parts of the population
25%
It requires a secure form of personal digital ID, which doesn’t yet exist
23%
There are too few options/places to use or spend it
18%
People will not trust that the technology is secure
18%
Concerns over privacy
16%
Don’t know
1%
Source: Economist Impact
© The Economist Group 2022Digimentality 2022: Fear and favouring of digital currency 12
“You don’t want to kill
innovation with regulation.
But on the other hand, innovation
can only have the full amount
of trust if it’s well regulated.”
Tobias Adrian,
Financial counsellor and
director of the Monetary and
Capital Markets Department,
International Monetary Fund
© The Economist Group 2022Digimentality 2022: Fear and favouring of digital currency 13
Part II: Green light
from investors?
Executives increasingly believe CBDCs are More than nine in ten (93%) now say they agree
likely to replace physical currency in their that issuance of central bank digital currencies
country: almost two-thirds (65%) say this (CBDCs) is necessary to establish a functioning
will be the case compared with about one-half market for new financial instruments such as digital
(56%) last year. bonds or other forms of digital assets, up from
eight in ten (78%) a year ago. A significant majority
The pace is also predicted to increase. Seven
of respondents (82%) say the establishment of
in ten (70%) now say it will happen within a
CBDCs will increase general demand for other
decade, compared to six in ten (58%) a year
forms of digital currencies and assets that are not
ago. All survey takers were familiar with their
government backed. “I would imagine that there’s
organisation’s investment decision-making
a coexistence between CBDCs, which is the liability
process with one-half being institutional
of the central bank, and stablecoins [such as USDC
investors and one-half representing for-
and USDT], which could be backed, for example, by
profit corporations.
interest-bearing deposits,” says Mr Adrian.
Figure 7: More optimism around the use of CBDCs
In your opinion, are CBDCs likely to replace physical currency in your country?
2022 2021
Yes
65%
56%
No
33%
34%
Don’t know
3%
11%
Source: Economist Impact
© The Economist Group 2022Digimentality 2022: Fear and favouring of digital currency 14
Evolution leads to new barriers
Regulations have become the primary obstacle
to greater institutional investor or corporate
treasury use of open source digital currencies
and are cited by about four in ten (41%)
compared with one in three (32%) a year ago.
Conversely, market trust or understanding of
digital currencies/assets is now considered an
obstacle by only 35% of institutions, down from
47% a year ago.
Figure 8: Regulations the primary barrier
In your opinion, which best describes the primary obstacles to greater institutional investor or corporate treasury use of open
source digital currencies? Please select up to three.
2022 2021
Market trust or understanding of digital currencies/assets
35%
47%
Financial market structures
41%
43%
Asset volatility
39%
36%
Regulations
41%
32%
Internal technological challenges
20%
32%
Lack of related digital financial services (exchange, custody, etc)
34%
27%
A lack of corporate support (buyers)
27%
24%
Insufficient interoperability
23%
19%
Source: Economist Impact
© The Economist Group 2022Digimentality 2022: Fear and favouring of digital currency 15
“The private sector is very important in terms
of innovating around digital money and I don’t
think the central bank should be in the business
of necessarily defining the technological frontier
of payment systems,” says Mr Adrian. “You don’t
want to kill innovation with regulation. But on
the other hand, innovation can only have the full
amount of trust if it’s well regulated.”
A little over two in three survey takers (68%)
say an open source (non-bank) digital currency,
where no dedicated intermediary organisation or
sovereign government controls supply, presents
relatively greater risk as an asset in a portfolio or
treasury account as compared to other currency
holdings, down from 72% a year earlier.
This is a slight improvement in perception.
“There has to be some degree of investor
protection and consumer protection,” explains
Mr Adrian. “In addition to some degree of
disclosure, resilience, identity and integrity to
make sure that transactions are conforming to
sanctions and the rule of law.”
Wider adoption/acceptance of CBDCs (33%)
continues to be the main trigger towards
portfolio/treasury activity in open source
digital currencies (31% last year). “We’re going
to see the adoption of these digital currencies
and the creation of CBDCs,” predicts Mr Mitchell.
“The improvement of the technology that’s
required to support all of this continues to
evolve and mature.”
© The Economist Group 2022Digimentality 2022: Fear and favouring of digital currency 16
“We’re going to see the adoption of
these digital currencies and the
creation of CBDCs. The improvement
of the technology that’s required
to support all of this continues to
evolve and mature.”
John Mitchell
CEO and co-founder
of Episode Six
© The Economist Group 2022Digimentality 2022: Fear and favouring of digital currency 17
A changing portfolio outlook
Investors agree there is a need for open source
digital currencies (85% compared to 80% last
year), CBDCs (86% vs 77%) or corporate-issued
digital currencies (88% vs 76%) as a diversifier
in a portfolio or treasury account. Additionally,
almost nine in ten (87%) respondents believe
there is a need for an international institution-
only digital currency exchange platform (such
as with the Bank of International Settlements).
Figure 9: The usefulness of digital currencies is not in doubt
To what extent do you agree or disagree with the following statements?
Agree Disagree Neither agree nor disagree / Don’t know
Open source digital currencies are useful as a diversifier in a portfolio or treasury account
85.3% 3.3% 11.3%
Central bank digital currencies are useful as a diversifier in a portfolio or treasury account
86.0% 4.7% 9.3%
Corporate-issued digital currencies are useful as a diversifier in a portfolio or treasury account
88.0% 4.0% 8.0%
There is a need for an international institutional-only digital currency exchange platform (such as with the Bank of International Settlements)
86.7% 4.7% 8.7%
Source: Economist Impact
Survey takers are divided about whether The primary roles of open source digital
open source (non-bank) digital currencies currencies/assets within a portfolio or treasury
(cryptocurrencies such as but not limited account have shifted year-over-year with
to Bitcoin) should be considered strictly as alternative asset diversification (33% vs 31%)
a currency for settling transactions or as an moving into first place. Capital appreciation (29%
asset for storing/appreciating value: About vs 33%) has fallen to the second highest-rated
four in ten (41%) view it as a regular currency, answer together with monetary transfers for
a rise from 34% last year at the expense of large settlements, a hedge against inflation, F/X
being seen as an asset (23%), down from 31%, or currency exchange, and capital appreciation
while a combination of both (30%) has held (all 29%). Pure speculation (23% vs 21%) remains
fairly steady year-over-year (27%). among the lowest-selected options, indicating
continued maturity in the market.
© The Economist Group 2022Digimentality 2022: Fear and favouring of digital currency 18
The next phase
Almost nine in ten institutional investors and to the metaverse, a digital world. Recent reports
corporate treasury survey takers agree that indicate that Meta, the owner of Facebook,
consumer demand for all digital currencies plans to introduce virtual payments, including
(CBDC, open source or corporate-issued) has for NFTs.5 In the survey conducted for this
increased in their country over the past three report, NFTs are also seen as an emerging asset
years (87% vs 76%), a significant increase year- class that organisations plan to or currently hold
over-year. This may be intensified by the move or trade (74%).
Figure 10: Optimism around CBDCs
To what extent do you agree or disagree with the following statements?
Agree Disagree Neither agree nor disagree / Don’t know
Infrastructure for digital currencies/assets (e.g. trading, custody services) has improved in the past three years in my country
86.7% 2.7% 10.7%
Government regulatory framework on digital currencies has improved in the past three years in my country
73.3% 10.7% 16.0%
In my country, digital currencies are seen as an investment rather than a method of payment
80.0% 8.0% 12.0%
Consumer demand for digital currencies (CBDC, open source or corporate issued) has increased in my country over the past 3 years
86.7% 4.7% 8.7%
Greater international interoperability is needed to legitimize central bank digital currencies
83.3% 4.0% 12.7%
NFTs (Non-fungible tokens) are an asset class my organisation plans to or currently holds or trades
74.0% 12.7% 13.3%
Source: Economist Impact
“I think the rise of the metaverse and the surpassed US$40bn in transactions in 2021.6
desire to be able to transact within the “I think it is more speculative as well,” warns
metaverse by default will increase demand Mr Adrian. “It could be a good investment but
and will provide a showcase for NFTs,” says it’s generally unpredictable,” and draws the
Mr Mitchell. In 2021, the NFT marketplace comparison to art as an investment object.
5 https://www.ft.com/content/50fbe9ba-32c8-4caf-a34e-234031019371
6 https://www.economist.com/films/2022/02/03/are-nfts-worth-the-hype
© The Economist Group 2022Digimentality 2022: Fear and favouring of digital currency 19
Conclusion
“We accommodate units of value on our “I do think we will have a sound global regulatory
platform and allow for the conversions of these framework for crypto assets or service providers
units of value to be made whether it is digital first to crypto assets,” says Mr Adrian. “We will have
currency or anything that you can ascribe a value central bank digital currencies that are more
to that we can hold, convert and allow,” says widespread and I think the payment systems
Mr Mitchell, illustrating the move towards new across borders are going to be upgraded in a
assets such as NFTs in the future. substantial fashion,” and predicts these three
things will happen over the next five years.
There’s a clear acknowledgement that digital
assets have become a global issue that needs
to be resolved at the global level, indicated by
regulations (or lack thereof) rising to the top
of the main barriers towards their use amongst
both consumers and investors in the
surveys conducted for this report.
© The Economist Group 2022Digimentality 2022: Fear and favouring of digital currency 20
Key takeaways
• The move towards a cashless society—ranging from credit cards and payment apps to
cryptocurrencies and CBDCs—is at a crossroads, and varies greatly between countries. In the
short term, this move is also influenced by fluctuations in market sentiment, such as those
witnessed in April and May 2022.
• Desire for CBDCs is accelerating among consumers and many expect their government
or central bank to launch one within the next three years. At the same time, executives
increasingly believe CBDCs are likely to replace physical fiat currency in their countries.
• Government regulations (or a lack of regulatory frameworks) are seen as the main barrier
towards a cashless society by both consumers, and institutional investors and corporate
treasurers. There are clear signs this is changing, with frameworks, approaches, laws and pilot
projects being introduced in several countries globally.
• Institutional investors and corporate treasurers increasingly agree there is a need for open
source digital currencies, CBDCs or corporate-issued digital currencies as a diversifier in a
portfolio or treasury account.
• Consumer demand for all digital currencies is expected to increase, according to institutional
investors and corporate treasurers. This may be intensified by the move to the metaverse, and in
particular the rise of NFTs.
© The Economist Group 2022Digimentality 2022: Fear and favouring of digital currency 21
Appendix 1: Consumer
survey demographics
Unless otherwise specified, all answers represent the percentage of total survey respondents.
D1. In what country are you personally located? Select one.
Australia 7%
Brazil 10%
France 8%
Philippines 10%
Singapore 7%
South Africa 10%
South Korea 7%
Turkey 10%
United Kingdom 10%
United States of America 12%
Vietnam 10%
D2. In what year were you born? Select one.
GenZ/Millennials 67%
Gen X/Baby Boomers/ Silent generation 33%
© The Economist Group 2022Digimentality 2022: Fear and favouring of digital currency 22
D3. Which best represents your gender? Select one.
Male 53%
Female 47%
D4. Is your annual salary above or below your country’s median income?
Above median income 52%
Below median income 46%
Unsure / Do not care to respond 2%
D5. Which of the following best describes your educational background?
Please select one.
University graduate (BA, BS, etc) 39%
Master's or other professional degree (MS, JD, MBA, etc.) 28%
Vocational/Technical School 15%
High School, secondary or equivalent 9%
Professional doctorate (PhD, EdD, DSc, etc.) 8%
Do not care to respond 1%
© The Economist Group 2022Digimentality 2022: Fear and favouring of digital currency 23
Appendix 2: Institutional
survey demographics
Unless otherwise specified, all answers represent the percentage of total survey respondents.
D1. In which region are you personally based?
North America 33%
Europe 33%
Asia-Pacific 33%
D2. What is your organisation’s primary sector?
For-profit companies 50%
Institutional investors 50%
D3. If you work for an institutional investor, which of the following most closely describes
the organisation you currently work for?
Investment bank 52%
Asset management 28%
Insurance company 9%
Commercial bank 8%
Endowment fund 1%
Family office 1%
© The Economist Group 2022Digimentality 2022: Fear and favouring of digital currency 24
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