Despite lacking necessary knowledge, Portugal’s interest in crypto is about to increase compared to 2020.
Measuring Financial Literacy
The results from a new survey, done by The National Council of Financial Supervisors of Portugal, was published earlier this week. Known as the “3rd Survey on Financial Literacy of the Portuguese Population,” the study was actually conducted before the pandemic slowed things down. After collecting and analyzing all information, the results were presented in a 130-page report.
One of the more interesting results was the fact that only 1% of the people surveyed had investments in either cryptocurrency or Initial Coin Offerings (ICOs) during a very challenging 2020.
An Increased Proactivity in Investing
Sitting on a pretty decent seventh spot on the Global Indicator of Financial Literacy out of 26 participating countries, Portugal is far from the bottom. Comparing the numbers from 2015, the survey found an increased proactivity in investing savings. This seems only natural as the times progress so to break it down a bit more, the survey also revealed the following:
“About a third of respondents continue to mention that they invested money in time deposits and increased the proportion of respondents who invest in stocks, bonds or investment funds (9.4% in 2020 and 3.9% in 2015). In addition, some interviewees also mention the investment in crypto assets or initial distribution offers (Initial Coin Offerings or ICOs)”.
The Least Known Financial Product
Clearly the Portuguese people are lacking knowledge when it comes to crypto and with 34.7%, it is also the least known financial product, together with crowdfunding at 21.2%. These numbers are to be compared to 99.3% for demand deposits and 93.5% for time deposit, being the most well known financial products in the country.
Working Towards a Better Informed Crypto Society
With these results in mind, the government has already started taking steps towards a more crypto friendly nation. It wasn’t long ago that Banco de Portugal, which is the country’s central bank, issued the first two crypto-related licenses for crypto exchanges.
The move resulted in Criptoloja and Mind the Coin now having legal permission to accept Portuguese customers and run their operations in Portugal. Opening up the field step by step should lead to a better informed society in general as more exchanges become available.
For those of you that feel that you already have a grip on crypto and are curious what to do with your shiny new coins, check this out!