Chilean Central Securities Depository Study Reveals 61% are Unaware of Bitcoin
Majority Of Chileans Are Unaware Of Cryptocurrency, Study Finds
A study by Cadem Consulting, on behalf of the Chilean Central Securities Depository (DCV), has found that a vast majority of Chileans are not financially aware, with only 39 percent saying they are aware of cryptocurrencies.
The findings are part of the first Financial Knowledge Index conducted in Chile across 15 regional capitals with a near thousand participants.
Of participants who say they are aware of cryptocurrencies, Younger Chileans (between 18 and 34) make up 75 percent of that population. Also, the upper-middle class with a high income was the most aware of decentralized currencies followed by lower middle class (58 and 36 percent respectively) based on economic positioning.
The gender spread showed that Chilean men know more about cryptocurrencies, particularly Bitcoin (BTC), with 51 percent saying they've heard of digital coins before. The situation with women is slightly lower, with only 27 percent aware of its existence.
With reference to general knowledge, Chileans showed a significantly low level of awareness in the financial area. Cryptocurrencies were the last in the list of frequent terms that the citizens have claimed to know about, while banks, insurance companies, and the Ministry of Finance were among the most familiar terms.
According to online BTC statistics service Coin Dance, Chile has a significantly low volume of BTC trading in comparison to neighboring South American countries: the amount of BTC sold weekly barely ever exceeds 60 BTC.
The country has recently seen legal turmoil when major Chilean banks closed the accounts of the crypto exchanges BUDA, Orionx, and CryptoMarket (CryptoMKT). The three applied to Chile’s appeals court to cancel the decision, and the judge later took their side by ordering the banks to reopen the accounts.
Shortly after the litigation, the country’s central bank suggested that imposing crypto regulation could be useful for monitoring risk. However, the Chilean government has not discussed the matter so far, focusing on blockchain integration instead.