In a recent survey conducted by Panews, many important findings have come forth about the crypto adoption among the Chinese people. These findings are quite significant for the cryptocurrency and blockchain technology as the survey delves deep into the awareness of Chinese people about the digital currency. The research surveyed 4,200 Chinese citizens to know their awareness level about the digital currencies and blockchain technology. The study found that out of a total of 4,200 respondents, 75 persons have not heard about any digital coin for blockchain technology. This translates into roughly 2% of the total survey sample size. The research also found that 83% of respondents consider cryptocurrencies as a new emerging trend and 40% of the total expressed their willingness to invest in the digital currencies in the future.
Rising awareness due to Social Media
Interestingly, 598 respondents (equating 14%) which are part of the study said that they have already invested in the cryptocurrencies, with 70% of them have purchased digital coins from an exchange platform. A total of 266 respondents got the digital coins through airdrops while 263 got their possession by mining. The significant role of social media in making the people aware about cryptocurrencies has also been highlighted in the study with as many as 38% saying that they got their exposure to the Crypto through the social media. Friends and relatives have also played an important role in making the people aware with 26% saying that their familiarity with digital currencies is because of their friends and relatives.
The report also noted that the majority sees cryptocurrency as a means of investment rather than considering it as a tool of exchange — most of the respondents’ associated digital coins primarily with investment products. While a total of 4,125 respondents agreed to their familiarity with cryptocurrencies and blockchain, only 372 (9%) of them described that they possess a strong knowledge of all the pertinent topics related to digital coins. 17 of the total respondents said that they haven’t heard about the cryptocurrency and 103 feigned ignorance about Bitcoin. A total of 60% described the difficulty of storing and exchanging the cryptocurrencies as the primary deterrents for the adoption of crypto.
Implications of Research
Overall, the study found that cryptocurrencies and digital coins have made significant inroads into the mainstream economic scenario of China. The research also signifies that the crypto industry carving a place for itself in the minds of Chinese people and despite the government ban on crypto, awareness about the digital assets is on the rise. The research has strong implications for the Chinese government too as it indicates that despite hostile attitude of the policymakers, the Chinese citizens are increasingly getting attracted towards the crypto market. Therefore, the vision of the government should be to look into Crypto market and blockchain Technology in a new light so that positive aspects of these P2P transaction systems can be harnessed to the full advantage of the country and the economy.