Approximately 53% of South Africans, according to the results of Merchant’s consumer survey study, have little to no understanding of cryptocurrencies.
Only 14 percent of the South Africans polled for the study claimed they had a thorough understanding of cryptocurrency. About 23% of those surveyed claimed to be “neutral.”
According to an IOL report, young individuals between the ages of 18 and 24 are probably more educated about cryptocurrency than those between the ages of 25 and over.
The findings of this study tend to support those of a previous study, which found that only 11.3 percent of South Africans possess or hold cryptocurrencies.
On the other hand, according to Kucoin research, 7.6 million South Africans, or 22% of the adult population of the nation, are crypto owners.
Matt Conn, group chief revenue officer at Merchants, offered the following comments on the survey’s results:
“Instead of waiting until cryptocurrency is more established when customers are likely to have a preferred platform or partner with whom they have developed that confidence, banks have a genuine potential to become engaged as it starts to truly take off on the continent.”
The IOL report also notes that more South Africans are expected to embrace cryptocurrency should traditional banks get involved, according to Merchant’s consumer study.
According to the survey results, nearly half of the respondents stated they would think about buying cryptocurrencies if and when their individual banks began providing this service.
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