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Monday, December 31, 2018

Surprising results from survey of Chinese citizens shows huge demand for cryptocurrencies...

Said to be the largest survey of it's kind, it asked 4,200 Chinese citizens their stance on the topic of investments, including cryptocurrencies, and the results are surprising many...

● 98% say they've heard of cryptocurrency.

● 40% would like to own some.

● 14% already do own some.

The only investments scoring higher were stocks and real estate.

However, one data point stood out to me, 410 of the 598 people who currently own cryptocurrency say they bought it on exchanges - before exchanges were banned from operating in China.

But three times as many people said they would like to own some, 1665 total - except currently, they can't get any.

Earlier this year Chinese President Xi publicly praised blockchain technology.  At a conference presented by the Chinese Academy Of Sciences, Xi said the technology currently making "breakthroughs" in his opinion were "Artificial Intelligence, IoT, and Blockchain" and categorized them as the driving forces behind what he says will be the a "new industrial revolution".

Currently, owning or mining cryptocurrency is legal, obtaining it on exchanges though buying or trading is not. Chinese courts cleared up a few 'grey areas' in September and ruled that Bitcoin ownership is legal, merchants can choose to accept it as a form of payment, and it should be treated legally as property of the owner.

So, it's fair to say it's been a year of steps in the right direction.

This survey shows is if China allows citizens once again participate in the cryptocurrency markets - prepare for an influx of activity - they're ready!

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Author: Adam Lee 
Asia News Desk