Luno survey reveals how South Africans feel about cryptocurrency

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While it may not be snatching headlines as frequently as it was a year ago, cryptocurrencies are still popular.

To gauge how familiar folks are with cryptocurrency, Luno recently conducted a survey in 10 countries. The survey garnered responses for 1 000 people in each country.

The survey was conducted by Kantar TNS in October 2018 and the findings are interesting.

For one, respondents in South Africa, Indonesia and Malaysia are more familiar with, and own more, cryptocurrency than their European counterparts.

According to the report European respondents said they do not have enough information about cryptocurrencies. Respondents from South Africa, Indonesia and Malaysia however, said they have access to enough information about cryptocurrencies.

“The world is currently undergoing a major shift in the evolution of money,” country manager for Luno in South Africa Marius Reitz said in a statement.

“The existing financial system was built for a non-digital age but the world now has access to new technologies like decentralised cryptocurrencies. This is enabling us to reimagine the financial system and to upgrade the world to something better,” Reitz added.

When asked what would influence confidence in buying cryptocurrency 48 percent of South African respondents said minimising the risk of attacks by hackers.

Curiously 47 percent of respondents said their confidence in cryptocurrency would be influenced if they could buy cryptocurrency from a trusted supplier such as a bank.

Yes, we know cryptocurrency is meant to disrupt banks and the current financial systems but what can we say, the respondents in this survey trust the banks.

Stability of prices also plays a factor in confidence, with 39 percent of respondents saying stable prices would inspire greater confidence.

As to what the most popular cryptocurrency is, that would be Bitcoin.

You can read the full report from Luno via the PDF below.

[Image – CC 0 Pixabay]

Brendyn Lotz

Brendyn Lotz

Brendyn Lotz writes news, reviews, and opinion pieces for Hypertext. His interests include SMEs, innovation on the African continent, cybersecurity, blockchain, games, geek culture and YouTube.