40% of South Africans Familiar With the ‘Concept of Web3’ — Study
Some 40% of South African survey participants
are familiar with the concept of Web3 and a further 80% believe the technology backing cryptocurrencies can
“transform or fully rebuild the financial system,” according to the findings of a Consensys survey. However, as much as
59% believe
scams are among the main barriers stopping many from dabbling with cryptos. Just under half of the respondents
(48%) named the
crypto market’s volatility as one of the most significant barriers to entry.
Overall, the survey found that
“there are high levels of awareness of all Web3 concepts” among interviewed South Africans.
However, when asked about the set of skills that one needs to participate in Web3,
43% of the respondents named financial trading as the most important prerequisite. Some
24% of the surveyed South Africans thought software engineering is the most important skill,
while 17% identified marketing.
Meanwhile, the survey findings also suggested that half of South Africa’s population believes the
financial system could be improved. An even larger proportion of the respondents said the technology to improve the
financial system already exists.
On the regulation of cryptocurrencies or the lack thereof,
46% of the respondents said these must be
“heavily regulated to ensure that traditional financial markets are not destabilized and that investors are protected.” Only
7% felt regulators need to let the industry
self-regulate.
