Singaporeans keen on cryptocurrency but lack understanding and confidence, survey shows

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A survey conducted by CT Group, a leading research and consulting firm, has revealed that Singaporeans are enthusiastic about investing in cryptocurrency but lack understanding and confidence in digital asset and their underlying technology.

The survey, which polled 1,000 Singaporeans aged 18 and above in February 2023, found that three in five respondents said they were likely to buy cryptocurrency in the next few years (61%), driven by a belief that cryptocurrency can help them get ahead (52%) or make them financially stable (49%).

However, the survey also found that nearly half of the respondents said they would not be very or not at all confident explaining cryptocurrency (42%) or blockchain technology (47%) to someone else. The survey also revealed high levels of concern about personal risk related to cryptocurrency trading, especially the lack of protection (+60pts net agreement).

The survey also showed that Singaporeans have mixed views on the role of cryptocurrency in the country’s economy and society. While 53% of the respondents agreed that cryptocurrency is important for Singapore to remain a global financial leader, only 40% of those who were not confident about cryptocurrency shared this view. Moreover, more than one-third of the respondents were unfavorable toward cryptocurrency companies or exchanges (35%).

The survey also indicated that Singaporeans are supportive of regulation and policies to improve investor protection and prevent crimes involving cryptocurrency. Nearly half of the respondents strongly supported increasing policing for crimes involving cryptocurrency (48%) and protection for investors (45%). Arguments in favor of consumer protection outweighed those associated with the need to maximize economic gain.

The survey also suggested that Singaporeans’ views on cryptocurrency are open to change, as they do not have strong opinions either way. Messages about cryptocurrencies helping the country remain a global financial leader can increase support for Singapore as a cryptocurrency or blockchain hub, while messages about cryptocurrency scams and frauds, and Singapore being exposed to unnecessary risk, can decrease support.

The survey also revealed that higher-income Singaporeans are the key advocates for cryptocurrency being important to Singapore’s economy, while lower-income Singaporeans are more concerned about the risks and challenges. The survey also found that younger Singaporeans are more likely to own or intend to buy cryptocurrency than older ones.

The survey was conducted as part of CT Group’s ongoing research on public perceptions and attitudes toward emerging technologies and innovations. The survey has a margin of error of +/- 3.1 percentage points at the 95% confidence level.

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