A recent study conducted in Chile has revealed that only 39 percent of the residents in the country have heard of cryptocurrencies.
Millennials know more about cryptocurrencies
The research which was conducted by the Financial Knowledge Index (ICF) and the Central Securities Depository (DCV) was carried out to find out the level of cryptocurrency knowledge in the South American country.
The research which is the first of its kind shows that 39 percent of Chileans know about cryptocurrencies. It further revealed that amongst the genders, men know more about cryptos than women, which is rather unsurprising.
Men more than women – a global trend
51 percent of Chilean men have either heard about cryptos or know about them. However, only 27 percent of the women in the country have heard of cryptocurrencies.
The research also shows that the younger generation knows more about cryptocurrencies that the older generation, a finding that is also not surprising. Around 43 percent of residents aged 18-34 have heard of cryptocurrencies.
Young more than elderly – a global trend
The figure is close for those who are between 35 t0 54 years of age, with 42 percent of them knowing about cryptocurrencies. However, only 30 percent of the older generation above 55 years have heard of cryptos.
The research also looked into the country’s socioeconomic status. Amongst those familiar with cryptocurrencies, roughly 75 percent of them are from the high resource classes.
Only 26 percent of the lower resource classes know about cryptos while the middle class recorded a modest 58 percent.
These findings came about after consulting firm Cadem handed out fliers to hundreds of people in 15 regional capitals across the country.
The general financial knowledge in the country is significantly low. Amongst the financial terms, cryptocurrency is the least known to them, with terms like banks, insurance companies, and the Ministry of Finance very popular amongst the citizens.
The result from the survey showed that 53 percent of the respondents have low financial knowledge, 31 percent are average with only 16 percent qualifying as those with a high level of financial markets knowledge.
Chile to regulate the crypto industry
The crypto market in the country has endured a tumultuous year. Chilean banks shut down the accounts of three exchanges in the country, BUDA, Orionx, and CryptoMarket (CryptoMKT). This resulted in a legal battle and the exchanges came out victorious.
The country’s central bank following that incident advised the government to regulate the crypto industry to help monitor the risk. However, the government has been focused on blockchain integration and hasn’t talked about crypto regulation.
High knowledge of cryptos in the US but low investment
The United States is one of the leading crypto nations in the world, thus it is no surprise that it posted a better stat than Chile.
Studies conducted by Clovr earlier this month indicated that 76 percent of Americans know about cryptocurrencies. However, the main point from the different researches conducted in the US was the low level of crypto investment by residents.
A survey by YouGov shows that despite 79 percent of Americans know about cryptos, only 9 percent have invested in them. This is an indication that the industry still has some work to do before it truly becomes mainstream.
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