Half of South Africa’s population is ready to use cryptocurrencies

The survey showed that 53% of the South African population knows virtually nothing about cryptocurrencies. Interestingly, almost half of the respondents said that they would be more open to the digital asset sector if local banks provided services for buying and selling them.

Johannesburg-based Merchants found that only 14% of South Africans are well versed in the cryptocurrency industry. 23% of the participants remained neutral, and the vast majority (53%) said they had little or no knowledge of the issue.

According to the survey, the adoption of cryptocurrencies could accelerate if local banks support this asset class and provide users with educational programs. Almost one in two participants said they would be more likely to invest in bitcoin or altcoins if local financial institutions offered such services.

A recent study conducted by the United Nations showed that 7.1% of the South African population, or approximately 4.2 million people, are holders. Thus, South Africa ranked second on the continent, behind Kenya, where the level of support for cryptocurrencies is 8.5%.