OSC Study: Only 5% of Ontarians hold Crypto

Ontario Securities Commission issued a research displaying that in spite of big interest to cryptos among locals, mostly they lack knowledge about the technology
29 June 2018   1702

The study claims that “the vast majority of Ontarians are approaching cryptoassets with caution.” It is explained in the research that practically, this shows that “only a small percentage” of Ontarians own digital currencies, and that holders “tend not to spend substantial sums of money acquiring them.”

The OSC ostensibly processed the study to get a better understanding of the way that Ontarians interact with cryptocurrency as the commission prepares to up its regulatory efforts. ING issued a resemble study with European, American, and Australian participants earlier this week. The study underlined that because Ontario has such a large population (13.6 million) that “a small percentage” is really a significant number-roughly 500,000 people, a figure that is “sufficient to concern the OSC as a securities regulatory authority.”

Of the total number of participants 500,000, roughly 42 percent said that they acquired digital currency for speculative purposes, in order to make a profit by holding onto their coins and then selling them at a higher price. Half of them reported that they purchased cryptocurrencies because of excitement for the technology.

Nevertheless, the majority of the people who reported that they had learned of Bitcoin but were unable to answer basic questions about the technology. Six statements about Bitcoin were introduced to the participants and asked whether or not they were correct; only 30 percent correctly identified 4 or more of the statements as true or false, and only 3 percent found all of the allegations correct.

It was also stated by the research that many Ontarians are not confident about the regulatory status of ICOs, noting that most ICOs are subject to securities regulation in Ontario. 10 percent of survey participants claimed that they had been solicited to participate in an ICO; 67 percent did not know what government body was in responce of regulating ICOs, and 18 percent answered that they did not think that ICOs were regulated at all.

Only 1.5 percent of participants declared that they had really acquired crypto assets through a token sale, that translates to roughly 170,000 people.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   308

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.