A recent survey has revealed that about 60% of South Africans are not aware of Bitcoin (BTC) and other digital currencies. The survey, tagged the 2018 Savings and Investment Monitor, was conducted by Old Mutual, a Pan-African investment, insurance, savings, and banking group.
According to the survey, 38% of the people in the African country reckoned that they were aware that digital assets like Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Ripple (XRP) existed and wished they had invested their money in these digital currencies.
The citizens of the second largest economy in Africa showed positive sentiment regarding cryptocurrencies in general with about 71% of them having the belief that “you can make a lot of money with them.” However, there are 43% of South African residents who think that cryptocurrencies are like a pyramid or Ponzi schemes.
The Old Mutual Survey shows that a whopping 60% of South Africans have no Idea of the existence of cryptocurrency regarding its awareness, while only 4% demonstrated a high level of knowledge of Bitcoin (BTC) and other digital currencies. The percentage of South Africans with low awareness of cryptocurrencies was 17%. Interestingly, about 19% of the citizens of the nation heard about virtual currencies just recently.
South Africans Are Bitcoin Enthusiasts
The survey has come shortly after data gotten from Google Trends showed that South Africa had the highest level of interest in digital currency all over the world for the past 12 months, the data was based on the number of online searches of Bitcoin (BTC), the most popular and used cryptocurrency.
In May, South African-based tech publication agency carried out a similar survey (MyBroadband 2018 Cryptocurrency survey) in the country. The study revealed that about 50% of people who were neither holders of digital assets nor had never owned them have the intention to venture in them this year.
The Central Bank of South Africa had previously decided not to reckon cryptocurrencies as currencies by calling them “cyber tokens” and that they do not meet the standards to be classified as a legal tender. The Deputy Governor of the South African Central Bank, Francois Groepe stated that: “We don’t use the term ‘cryptocurrency’ because it doesn’t meet the requirements of money in the economic sense of the stable means of exchange, a unit of measure and a stable unit of value. We prefer to use the word ‘cyber-token” “We want to ensure or establish whether there is still compliance with the relevant financial surveillance or exchange-control regulations.”