Survey of Canada OSC: only 15% holders understand the basics of cryptocurrency technology

The regulator for securities the canadian province of Ontario expressed concern that the public lacks knowledge about cryptocurrency, despite the growing interest in new technologies among the local residents.

The securities Commission of Ontario (OSC) published
the results of the survey, which was attended by more than 2,500 Ontarians aged 18 years and older. The study focused on the awareness of respondents about cryptocurrency and primary placements of tokens.

The survey, which was conducted in March this year it was revealed that 5% of Ontarians currently own cryptocurrency assets such as bitcoin and ether. Although this percentage seems relatively small, the OSC notes that this figure is 500 000 inhabitants of the province — the number that is «enough to cause concern to the OSC».

Among the respondents, holders of the cryptocurrency almost half of them bought assets because of their enthusiasm for technology, while 42% did so in the hope of getting profit, selling them later at a higher price. Concern with OSC is the fact that despite the high awareness of people about cryptocurrency, many of them do not understand the basic aspects of technology.

For example, the survey shows that more than 80% of respondents heard about bitcoin. But when they were asked six questions about the cryptocurrency, only about 30% could answer four or more questions correctly, and only 3% answered all. But only 15% of respondents who currently own cryptocurrency assets correctly answered all six questions.

The survey showed that 1.5% of respondents participated in IPOs tokens. This means that more than 170 000 people of Ontario bought the token-ICO. The report notes that about 10% of respondents were deceived by the schemes of sales of tokens.

OSC expressed concern that the majority of respondents who heard about cryptocurrency to the survey, 67% did not know who regulates ICO, and 18% of them believed that the ICO are not regulated.

This survey represents the latest initiative of the OSC on the assessment of public knowledge about the cryptocurrency industry as the regulator steps up efforts to monitor sales of tokens to residents of Ontario. In addition, a month ago, the regulator was joined to the North American Association of securities administrators (NASAA) to begin to work with partners in the United States on a thorough examination
ICO-projects.

At the beginning of this year published a study on the awareness of Americans about bitcoin and other cryptocurrencies. A survey conducted by the Global Blockchain Business Council and Survey Monkey found that 60% of respondents know about bitcoin, and 5% is owned by BTC. In 2013, only 25% of respondents in a similarly study knew about the cryptocurrency.

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