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Report: Just Over Half of South Africans Have Little to Zero Knowledge About Cryptocurrencies

About 53% of South Africans have little to no knowledge about cryptocurrency, while only 14% thought or felt they had a better understanding of the subject, a report has said. Nearly half of the respondents said they would only invest in cryptocurrency if or when their respective banks are involved.

Commenting on the survey’s findings, Matt Conn, the group chief revenue officer at Merchants said:

There is a real opportunity for banks to get involved in cryptocurrency as it begins to really take off on the continent, rather than waiting until it is more established – by when consumers are likely to have a preferred platform or partner who they have built that trust with.

Meanwhile, the IOL report states that Merchant’s consumer study also found that more South Africans are likely to embrace cryptocurrencies should traditional banks become involved. Nearly half of the respondents reportedly said they would consider investing in cryptocurrencies if and when their respective banks start offering this service.

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