Approximately four million South Africans, or 10% of the population, are cryptocurrency owners, according to Finder’s study on adoption trends for August 2022. According to Finder’s analysis, South Africa is placed eighteenth out of twenty-six nations for crypto adoption with this ownership rate.
The survey also states that South Africa’s 10% crypto ownership rate is five percentage points lower than the 15% global average. According to the report, half of the respondents possess bitcoin, with the remaining half being split among three alternative cryptocurrencies.
Finder discovered that men make up 65% of the 4 million bitcoin users in South Africa in terms of gender. Norway leads the world in the percentage of male crypto owners (74%), while Colombia and Vietnam are tied with 56%.
In South Africa, 45% of cryptocurrency owners are between the ages of 18 and 34. However, only 23% of people over the age of 55 are crypto owners, making them the category with the lowest ownership rate.
However, South Africa is placed third globally in terms of the percentage of cryptocurrency owners who possess bitcoin (52%), only behind Australia (60%) and Ghana (54%). According to Finder’s analysis, the global average is 37%.
The South African Reserve Bank (SARB) asserted in new guidelines unveiled this week that banks in the country “may act as a conduit for funds” linked to crypto asset service providers and “may play a role in customers wishing to purchase” or “receive payouts in fiat currency” in their bank accounts for the sale of crypto.