A new study by Consensys reveals that while cryptocurrency awareness is high in the Philippines, understanding of how it works is limited. Filipinos view crypto as the future of money and an alternative to traditional systems, but concerns about misuse are growing.
CRYPTOCURRENCY awareness is exceptionally high in the Philippines, with 96 percent of respondents having heard of it, according to blockchain and Web 3 software company Consensys Software Inc. (Consensys). Nevertheless, the company’s annual study pointed out that only 46 percent understand how it works.
The Fort Worth, Texas, USA-headquartered firm added that Filipinos generally view crypto with the “future of money” (45 percent) and an alternative to traditional financial systems (36 percent), though concerns about misuse are increasing, with 20 percent linking it to crime and money laundering. At present, Vietnam and the Philippines are tied at third in terms of crypto ownership at 54 percent behind Nigera (73 percent) and South Africa (54 percent) Meanwhile, India is at the fourth spot with 52 percent. More respondents in Asia and Africa plan to invest in crypto assets in the next 12 months. It noted there was also an increase in of global participation in Web3 activities, such as minting NFTs, owning tokens, and using wallets this year, one-third of those familiar with Web3 now use wallets, the understanding of Web3 remains limited globally. Nigeria (61 percent) and South Africa (48 percent) lead in familiarity, showing significant growth, while awareness is lowest in Japan, South Korea, and Europe. In the Philippines, awareness of Web3 (a decentralized Internet) and non-fungible tokens (NFT) also remain low at 28 percent and 37 percent, respectively. Although blockchain is generally understood more than Web3 or NFTs, a lot of respondents think it is still a challenging concept for many. A significant 80 percent of respondents globally believe that web2 companies have too much power, with Nigeria (11 percent) and Japan (8 percent) being notable exceptions. Despite this, familiarity with the concept of decentralization remains low worldwid
CRYPTOCURRENCY PHILIPPINES WEB3 DECENTRALIZATION FINANCE
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