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Zumo: A third of young voters want cryptocurrencies to be put on the political agenda
More than a third of young adults in the UK believe cryptocurrencies are an important election issue, according to new data.
Research commissioned by Edinburgh-based fintech Zumo and conducted by Focaldata reveals that 34% of young people aged between 18-24 and 25-34 believe that the growth of the cryptocurrency sector should be the focus of politicians’ attention of the country.
A quarter of adults (and 44% in London, a major fintech hub) believe it is important for economic growth that the UK strengthens its position as a digital asset hub, with the figure rising to four in ten among adults 18 and 24 years old. (42%) and 25-34 years (41%).
This sentiment follows recent consultation by the Bank of England and the Financial Conduct Authority (FCA) on a Digital Securities Sandbox, which aims to facilitate the use of digital assets in financial markets. In May 2024, the UK’s first cryptocurrency exchange-traded products (ETPs) were listed on the London Stock Exchange (LSE).
A survey of more than 3,000 British adults conducted by Zumo and public opinion research firm Focaldata showed that 38% of young people aged between 18 and 24 have invested in cryptocurrencies, while 40% (and 37 % of young people aged 25-34) know friends and family. who hold cryptocurrencies. A similar percentage (39%) of 18- to 24-year-olds (and 37% of 25- to 34-year-olds) see the nascent sector as a path to higher long-term returns on their investments.
However, a third (32%) of both 18-24 and 25-34 year olds say they are now worried about the future prospects of the sector, as a number of crypto-friendly MPs have confirmed they will retire to the elections.
Nick Jonesfounder and CEO, Zumo, said: “As cryptocurrencies become more widespread, it’s clear from our findings that the nation’s young adults want them to enter the political agenda as well.
“Given the widespread recent turmoil in the traditional financial system, the UK should support alternative financial solutions, without panicking and comparing them to gambling – as we have seen in recent press coverage. A future resilient financial system should seek to incorporate new ideas and structures that provide added value to consumers.
“Looking ahead, we look forward to seeing government and regulators working in step with the industry to implement an appropriate regulatory framework that will help the digital asset sector reach its full potential as a growth engine for the economy of the United Kingdom”.