Consensys Survey: Indonesian Public Understanding Of Crypto Assets Is Still Low

Crypto illustration (photo: Unsplash)

JAKARTA - A survey result conducted by Consensys, a leading software technology company in the web3 sector, with YouGov, shows how the global public, including Indonesia, understands the crypto world.

Based on a survey conducted in 15 countries involving 15,000 respondents aged 18-65 years, it is stated that Indonesia has a low understanding of crypto assets, which is 33%.

When compared to Nigeria (78%), South Korea (63%), South Africa (61%), Brazil (59%), and India (56%). Indonesia is clearly lagging behind.

Regarding the low public understanding of the crypto world, the survey conducted on 1,015 Indonesians also mentions factors why public understanding of crypto is still low.

Some of these factors are, 52% say they don't understand where to start, then 44% of the public admits they don't understand its function, and another 43% say the technology is too elusive.

If these three factors are directly related to the public's understanding of crypto assets, the other two reasons are because crypto assets are considered too volatile and risky (42%), and too many scams (34%).

Indonesia's Positive Perception Of Crypto Assets

Tokocrypto CEO, Yudhono Rawis, said that the results of this survey provide an interesting picture of the level of understanding of the Indonesian people about the crypto world.

"One of the factors that influence the low understanding is the lack of adequate education about crypto and blockchain technology," Yudho said in a statement received on Thursday, August 31.

According to him, many people are not familiar with basic concepts such as blockchain work, crypto benefits, and potential applications in various sectors. A wider and structured educational initiative can help overcome these obstacles.

Nevertheless, Yudho reminded that people in Indonesia have the most positive and progressive perceptions of crypto. From the same survey results, Indonesian respondents also consider crypto as the future currency (17%), have the potential as digital ownership (15%), and alternatives to the traditional financial ecosystem (9%).

"This shows that Indonesia is still very open to the concept of crypto as a promising asset and can provide added value in the future," he concluded.