A recent cryptocurrency survey study conducted by Ontario Securities Commission stated that about half million residents of Ontario had invested in cryptos. The survey states that awareness of digital currencies is increasing but knowledge about cryptos is low in the province.
The report is titled ” Taking Caution: Financial Consumers and the Cryptoasset Sector” by Ontario Securities Commission (OSO). In the study 2667 residents who were over 18 year old were asked about understanding of cryptocurrency.
Major finding of the survey were that many respondents were not aware about fundamental concepts of cryptocurrency. In the survey over 80% respondents had heard about bitcoins, but when six questions about bitcoins were asked only 3% were able to answer them all correctly. Crypto holders fared slightly better in the result with 15% able to answer all the questions correctly.
The lack of awareness about the crypto was major cause of worry for OSO. When people were asked if the “bitcoin is backed by the Government” 16% agreed. There is a growing need for the induction of programs which educate the people about the world of cryptos. With about 5% of the population already invested in crypto, it becomes important for the authorities to make people understand all the aspects of the digital currency world to ensure they make a informed decision.
A report published on Bitcoin News states about 1.5% of the population had participated in initial coin offering (ICO). Many residents were confused if the initial coin generation were subject to regulation. Report adds those who owns cryptos are of a very cautious view and tend to spend relatively small amounts. About half the crypto owners had less than $1000 worth of assets.
On 11th June Canadian Securities Administrators, of which OSO is part of, released a notice to the organizations who were looking to provide cryptocurrency to the public to provide guidance.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]