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Knowledge Of Cryptocurrencies Limited

Canadians’ knowledge of cryptocurrencies remains limited, says a survey from the Ontario Securities Commission (OSC). While 51 per cent of Canadians could accurately define cryptoassets, the regulator’s ‘2022 Crypto Asset Survey’ reveals that most lacked confidence in their understanding of the practical, legal, or regulatory dimensions of cryptoassets. The average cryptoasset knowledge score was 37 per cent. Just 13 per cent respondents said they currently own cryptoassets or crypto funds, while eight per cent used to own them, but no longer do. Meanwhile, 49 per cent said they have no intention of buying cryptoassets in the next 12 months. The study found current cryptoasset owners had higher general financial literacy (57 per cent average score) and knowledge about crypto (61 per cent average score).

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