Research: South Africa Is Ahead Of Europe In Cryptocurrency Adoption

Cryptocurrency-exchange Luno plans to expand in Africa and has conducted a survey to show that, among other things, there is more enthusiasm for cryptocurrencies in South Africa than in most Western countries.

The survey was conducted among 10 countries with more than 1,000 respondents from each country. The participating countries were: France, Indonesia, Malaysia, Ireland, Romania, Italy, the Netherlands, Germany, Lithuania, Poland, the United Kingdom and South Africa.

Research, which mainly focuses on South Africa, shows that 69% of the respondents in South Africa are familiar with Bitcoin or another cryptocurrency and that 29% own crypto. That is higher than the figures from European countries. Indonesia and Malaysia also score high. Of the Indonesian respondents, 63% is familiar with it and 40% has crypto. 57% of them are known in Malaysia and 39% indicate crypto.

In comparison, Germany scores a lot lower. Although 49% of German respondents are familiar with crypto, only 9% reported having it. France did a little better with 37% recognition and 19% possession. Italy is in between with 50% awareness and 14% ownership.

The Dutch do the best among European countries. Although the familiarity with crypto among the Dutch is relatively low (39%), 27% has indicated that they have crypto. In Lithuania, they seem to be most familiar with crypto, as many as 81% indicate knowing what it is. On the other hand, only 3.8% of Lithuanians said they owned digital currency

Results of the research indicate that the European respondents are reluctant when it comes to the adoption of crypto. They indicate that they know too little about it. Respondents from South Africa, Indonesia and Malaysia, however, indicate that they have enough information and are confident enough to buy crypto.

The research results also show that among South African owners, 83% view cryptocurrencies as a long-term investment. This compared with 23% who use crypto to make purchases online. But 12% use crypto to transfer money to family or friends.

Luno is operational in Europe, South East Asia, Nigeria and South Africa. Marius Reitz, manager of the exchange in South Africa, says that Luno is in talks with banks and regulators to expand in Africa, but did not want to elaborate on which countries.

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