Businesses generally forget that there is a whole new and untapped world in the developing economies. These markets are usually more attuned to their needs and wants in contrast to their counterparts in the developed world. Case in point, the findings of Luno, a crypto firm surveying a host of nations in Europe, South Africa and South East Asia.
The survey concluded that the countries outside Europe had more people who were familiar and owed some sort of cryptocurrency. The developing economies of Indonesia, Malaysia and South Africa polled some encouraging numbers. The percentage of respondents who were familiar with blockchains were 61, 55 and 67 respectively. These people also had far higher levels of cryptocurrency ownership with 40%, 39% and 29 %, as per the study.
This is in stark contrast to the developed economies of the European market, where the Netherlands was the most promising. It had ownership being recorded at 27% and crypto familiarity was at 39%. Other European heavyweight economies were surprisingly poor in comparison.
Germany, France and Italy all showed fairly high levels of familiarity with the technology, returning 49%,40% and 50%, respectively. However, when it came to actual ownership there was a steep decline. Only 9% of the survey takers in Germany, 20% in France and 14% in Italy responded positively to the question. Other countries included in this survey were Romania, the Republic of Ireland, Lithuania and Poland returned with similar results.
The chief reason given for the lack of digital assets was lack of in-depth knowledge precursor to the purchase or use of any cryptocurrencies. The survey report noted that “In Europe people stated that they do not have enough knowledge (access to information) to feel sure about buying/using crypto while in South Africa, Indonesia and Malaysia wasn’t a big issue, people rather felt confident and stated to have access to enough information.” The survey interviewed at least a thousand people in each of the 10 countries.
South Africa: A Leader In Crypto Education
The study focused a great deal on South Africa. Some interesting statistics that came up in the report were:
83% of the South Africans viewed cryptocurrencies as an investment opportunity. While the remaining thought of it for online transactions.
12% use cryptocurrencies to make peer-to-peer money transfers to family and friends.
The western part of South Africa was most knowledgeable about crypto tokens, nearly two-thirds of the respondents.
There was also an apparent gender gap, with 70% men indicating their knowledge of cryptos as opposed to 58% of the female respondents.
Bitcoin, perhaps unsurprisingly, held the pole position as the most popular cryptocurrency followed by Ethereum. The third place was jointly held by Ripple and Dash.
Such surveys are an interesting insight into how investors and ordinary people think and view the blockchain. While Europe, with its richness and high levels of education, would want more analysis before making any move, the poorer countries have no such qualms. Their knowledge and investment is based more on the faith that they are buying into the future, now