Cryptocurrency awareness grows among Filipinos

FILIPINOS are now more aware of cryptocurrencies, but few are confident that they fully understood them, a survey by blockchain software company Consensys showed.

Almost all or 96% of Filipino respondents said they were familiar with cryptocurrencies but only 46% said they fully understand how they work, according to Consensys’ second global opinion survey on crypto and Web3.

The survey covered 18,000 individuals aged 18-65 in 18 countries, including the Philippines. The full report was not available as of press time.

The awareness rate was higher than the 89% seen in 2023.

“Filipinos largely associate crypto with the “future of money” (45%) and an alternative to traditional financial systems (36%), though concerns about misuse are increasing, with 20% linking it to crime and money laundering,” Consensys said in a statement.

Globally, “over half (54%) of respondents have purchased cryptocurrencies, driven by curiosity, but barriers such as scams (50%), volatility (48%), and uncertainty about where to start (42%) persist,” it said.

“Ownership is highest in Nigeria (73%), South Africa (68%), the Philippines (54%), Vietnam (54%), and India (52%). More respondents in Asia and Africa plan to invest in crypto assets in the next 12 months.”

Nearly half or 48% of Filipino respondents cited data privacy and online identity control cited as top concerns when dealing with cryptocurrency.

Meanwhile, only 28% of Filipino respondents said they were aware of Web3, while 37% were aware of non-fungible tokens (NFTs).

“Global participation in Web3 activities, such as minting NFTs, owning tokens, and using wallets, has increased this year, with one-third of those familiar with Web3 now using wallets — a 6% rise from last year. However, understanding of Web3 remains limited globally,” Consensys said.

“Blockchain, though generally better understood than Web3 or NFTs, is still a challenging concept for many,” it added. — A.M.C. Sy