Leading blockchain and Web3 software company, ConsenSys, announced the findings of its latest survey in collaboration with YouGov. The comprehensive survey involved 1,041 Indonesian respondents aged between 18 and 65 years of age.
The ConsenSys Survey highlights the increasing public awareness of cryptocurrencies in Indonesia. It also concerns aspects of financial security and education in the digital era. In addition, trust in traditional financial services has also been highlighted.
Public Awareness
Public awareness of cryptocurrencies in Indonesia has increased by 4% compared with last year. Indonesia managed to rank second highest in Asia, along with South Korea, after Turkey. However, the increase in awareness is inversely proportional to the level of understanding.
More than half of the respondents admitted that they did not fully understand the concept of cryptocurrencies. This shows the need to empower the Indonesian people through simple and easily accessible education. This is done so that they are more confident in
the digital era and the world of cryptocurrencies.
Declining Trust in Traditional Financial Institutions
The ConsenSys and YouGov survey revealed a significant decline in trust in traditional financial institutions and internet services in Indonesia. Trust in financial institutions, including banks, lending services, and investments in Indonesia, fell by 14%.
Currently, only 66% of Indonesians consider this system important. This indicates a shift in public trust from a centralized system, which opens up opportunities for decentralized alternatives to gain the market’s attention. However, this can only be achieved if the market overcome security concerns.
Security Awareness
ConsenSys Founder and CEO Joseph Lubin said this survey highlights awareness and security. Digital asset security remains a major concern for Indonesians regarding cryptocurrencies. There was a 3% decreased compared with last year. Indonesia remains the most security-conscious country in Asia.
Around 89% of respondents are very concerned about the security of cryptocurrency transactions and investments. This focus emphasizes the importance of ongoing efforts to address security concerns and build trust in decentralized systems.
Digital Asset Ownership
The main trend highlighted in this survey is the change in the way Indonesians view digital asset ownership. NFTs were initially more often associated with art and creative assets, and are now not only known as collectibles. However, NFTs are now recognized as the use of blockchain to create a more inclusive and equitable financial ecosystem.
This change in perception shows a wider acceptance of blockchain technology for practical applications.
The ConsenSys Survey continues the 2023 survey, expanding its scope to involve more than 18,000 respondents aged between 18 and 65 from 18 countries in Africa, the Americas, Asia, and Europe. It combines the same questions from the previous ConsenSys Survey to understand changes in sentiment.
This survey is supplemented with new questions designed to respond to evolving conditions and trends. Overall, the survey explores topics such as data privacy, awareness, ownership, Web3 activity, and decentralization. The survey also explores current news, such as spot crypto ETF approvals, and the intersection of artificial intelligence and blockchain.
The ConsenSys Survey results, broken down by geographic trends, provide insight into public understanding and perception of Web3, crypto, and decentralization. The survey also uncovers ongoing challenges and opportunities for education and adoption.