Meanwhile, relatively few surveyed in those countries, 5% and 8%, respectively, professed an interest in purchasing crypto. The third and fourth highest devaluation, or inflationary, countries, Mexico and India, displayed a similar pattern.īy comparison, the currencies of Hong Kong and the United Kingdom experienced no devaluation at all against the U.S. South Africa’s currency, the rand, recorded a 103% devaluation in the past decade - second only to Brazil among the 20 countries in the survey - and 32% of South Africans are expected to be crypto owners in the next year. The study, based on a survey of 30,000 adults in 20 countries over six continents, also made a strong case that inflation and currency devaluation are powerful drivers of crypto adoption, especially in emerging market (EM) countries: “Respondents in countries that have experienced 50% or more devaluation of their currency against the USD over the last 10 years were more than 5 times as likely to say they plan to purchase crypto in the coming year than those in countries that have experienced less than 50% currency devaluation.”īrazil’s currency, the real, experienced a 218% devaluation - suggesting high inflation - against the United States dollar between 20, and 45% of Brazilians surveyed by Gemini said they planned to purchase crypto in the coming year. Please include a daytime phone number.Last year, cryptocurrencies reached a “tipping point,” according to Gemini’s 2022 Global State of Crypto report, “evolving from what many considered a niche investment into an established asset class.”Īccording to the report, 41% of crypto owners surveyed globally purchased crypto for the first time in 2021, including more than half of crypto owners in Brazil at 51%, Hong Kong at 51% and India at 54%. Email us at or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. We welcome letters but cannot answer individually. You have applied for one but, as an indication of the scale of the problem, have been told the wait is at least four months due to the number of cases it is handling. Your father has the right to seek an independent review by the ombudsman. As these conversations were in a branch it does not have transcripts to be certain the questions asked were sufficient.īarclays says the fraud claim was thoroughly investigated and, with no new information, its position is unchanged. It says it also flagged several payments, and had scam conversations with him, but he approved them. This is why your father received a 50% refund of £27,500.īarclays says the Financial Conduct Authority published an online warning about M圜oinBanking in 2019 (your father was targeted in October 2020) and this was available to find if due diligence was done before the investments began. It has arrived at what is called a “shared blame” decision, which means there are elements of both customer and bank blame. We asked Barclays to review your father’s case but, unfortunately, it has not changed its mind. The scammers who targeted your father promised bumper returns to fund a comfortable retirement. My parents now have very little money and are fearful about the future.įraud levels have soared in recent years with the Financial Ombudsman Service, which mediates between consumers and companies, just this week warning of a rise in savers falling for fake investment schemes. That it didn’t is a failure on its part and it should give a full refund. The scammers were known to Barclays, so it should have flagged these transactions. We are angry that Barclays would tell my dad – who struggles to use a mobile or the internet – that he is to blame. Its rationale was he must share liability. We filed a fraud claim with Barclays and its final decision was to reimburse him half of what was taken. I only found out when I completed his last tax return as he had been too embarrassed to tell us.
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