Financial knowledge is an essential aspect of any economy. It is for this reason that various countries are striving to get better results in terms of their knowledge regarding the various economies in the world. It is also the reason for several universities offering the courses about the Blockchain technology. Besides, virtual currency is a fairly new sector in the economy and there is an anxiety in the various economies regarding the manner in which it functions. However, it would come as a surprise that there is a section of the society that is completely unaware of the section. For example, in Chile, only 39% of the citizens are aware of the digital currency section.
According to the Financial Knowledge Index, a small number, that is, 39% is aware of the sector of the virtual currency. This survey was conducted by Chilean Central Securities Depository. The company that conducted the survey was Consulting company Cadem. People from both the genders were interviewed from the various capitals and the outcome was that a small section of the Chileans was aware of the sector of digital currency. The questionnaire that was given dealt with some important inquiries related to the sector of virtual currency. Bitcoin, being the popular virtual currency, several men in the country had heard about it, men had also heard about other digital coins. However, when it came to women, the figures went down with only 27% of women have heard about it in their lives. There is a significant discrepancy that was noticed in the levels of awareness about the various coins in the market. It can also lead to the conclusion that the sector is yet to reach out to the women of Chile even as it has already started to make an impact upon the men in the country to some extent.
There were also several other conclusions that were drawn from the survey. Younger people in the country showed a greater awareness in the field than the older section of the society. Similarly, the variation in the awareness could also be noticed when it came to the differences in the economic situation, for example, the upper middle class or the rich came forward with an enhanced knowledge of the virtual currency sector than those people belonging to the middle class or the lower middle class. 75% of the people belonging to the upper class stated that they were aware of the digital currency, a similar thing cannot be stated about the other sections.
The lack of awareness of the Chileans when it comes to digital currencies is surprising considering the popularity it has been reaping in recently. According to the survey that was conducted, cryptocurrency terms were the least used and least familiar terms when it comes to financial jargon. Whereas, there was an enhanced knowledge regarding the banks as well as insurance companies.
Several upheavals have also taken place in the virtual currency sector in Chile, for example, the banks closing down the accounts of the numerous virtual currency exchanges and then the courts eventually taking the side of the exchanges leading to them resuming their operations. It was discussed as to what should be done to see to it that there is enhanced security in the digital currency sector of Chile, it is yet to be determined if more regulation will be put by the governments. However, there is a lot that has to be corrected as far as the knowledge of the people of Chile is concerned regarding the digital currency.