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The latest findings of Merchant’s consumer survey study shows that little over half of South Africans (53%) have little to zero knowledge about cryptocurrency. The study also found that out of the surveyed South Africans, only 14% believed they had a strong hold on the subject of cryptocurrencies. Some 23% of the respondents said they were “neutral.”

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According to a report by IOL, young people aged between 18 and 24 were likely to be more knowledgeable about cryptocurrencies than those aged 25 and above. The results of this study appear to back the findings of an earlier research study which said only 11.3% of South Africans are cryptocurrency owners or holders, is reporting.

Also Read: Crypto Investors Made $162.7 Billion Gains In 2021, South Africa Among Top 50 Gainers.

A study by Kucoin, on other hand, found that as many as 7.6 million South Africans, or 22% of the country’s adult population, are crypto holders.

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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