ConsenSys, an international blockchain company, released a report showing that 65% of Filipinos have expressed their interest in cryptocurrency investing.
The said data were gathered from a global survey on cryptocurrency and web3 by YouGov, a global online research data group. The survey consists of 15,000 respondents aged 18-65 from 15 countries including the Philippines. The poll was conducted from April 26 to May 18, 2023.
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As per the study, the Philippines is one of the leading countries with the highest cryptocurrency awareness at 96%. That surpasses the global average of 92%. It also said that 37% of the respondents are optimistic about the potential of crypto as the future of money, while 31% of them look at crypto as the future of digital ownership.
Two of the biggest e-wallet services in the Philippines, GCash and Maya already have crypto features on their platform. The country has also formed a pretty detailed structure and guidelines for virtual asset services providers (VASPs), which includes Coins.ph, Bloom, and more.
The Philippines is also on top in terms of owning crypto, with about half of the respondents saying they’ve owned crypto at some point. 58% of them said that they intend on investing in the future, while 52% are looking at going crypto as a way “to build a more inclusive financial ecosystem.”
When asked about web3, only 52% of Filipinos have trust in current internet services, 77% still look at maintaining data privacy as a vital concern, while 84% of them believe that there should be increased control over their online identities.
Despite the enthusiasm, only 25% of Filipinos have a full understanding of the web3 concept. Meanwhile, only 38% of Filipinos are familiar with the metaverse and only 35% know how NFTs work.
The study also showed the reasons why Filipinos are being held back from participating in crypto. 53% of them are afraid of getting scammed, 50% are worried about market volatility, and 45% have the feeling of uncertainty about where to start.
Still, the study showed that the majority of surveyed Filipinos are optimistic about crypto, with some even believing that it is the future of money.
Source: ConsenSys