While nearly 80% of Russians know about crypto, only 6% understand it well, survey finds – Bitcoin News

The overwhelming majority of Russians in big cities are well aware of the concept of cryptocurrency, but those with a good understanding of the subject are a rather small proportion, a new poll has indicated. Experts say that currency restrictions introduced earlier this year are contributing to growth in interest and adoption.

A third of Russians are ready to buy cryptoassets within months

Only 6% of Russian Internet users understand cryptocurrencies relatively well, although 80% have heard of them. The findings come from a survey conducted by hardware wallet developer Tangem among 2,100 residents of Russian cities with a population of over 100,000.

Around 45% of respondents have a positive attitude towards the digital coins and almost as many (46%) are neutral, while 9% see them negatively, the company established. Being able to make capital gains is the main motive for those willing to buy, while the lack of asset support is the key factor in rejection.

Close to a third (31%) of respondents are ready to buy cryptocurrency in the next six months, almost the same number, 30%, do not plan to do this at all, and 40% are unsure, says the Russian business newspaper Kommersant noted in an article citing the study. 72% of participants have never bought cryptocurrency.

Over two-thirds of investors (68%) decided to buy crypto out of a desire to understand what kind of instrument it is. A further 22% wanted to save, and 19% to diversify their investments. Around 18% bought decentralized digital money to pay for goods and services and 16% hedged against inflation and exchange rate fluctuations.

The popularity of crypto is growing due to foreign exchange restrictions

Among those who now have cryptocurrency (24%), 7% own digital assets worth up to $100 in fiat equivalents, 9% – from $100 to $1000, 8% – over $1000. Involvement of both ordinary Russian investors and investment funds in cryptocurrencies remains low, according to Vladislav Utushkin, founder of the To The Moon group of companies.

There is no legal and legitimate way to buy or sell cryptocurrencies in Russia right now, pointed out Sergey Mendeleev, CEO of Indefi Smart Bank. Besides the possibility of losing money, there is also the risk of account blocking by banks, he added.

At the same time, the currency restrictions enforced by Moscow authorities this past spring, amid increasing Western sanctions over the war in Ukraine, which hurt the Russian ruble, have significantly accelerated crypto adoption, noted Nikita Vassev, founder of the Terracrypto forum that hosts discussions. on mining, decentralized finance and crypto legalization.

Vassev elaborated that many continue to transfer money out of Russia using stablecoins or bitcoin and exchange it back to fiat currency in countries such as Georgia or the United Arab Emirates. ICB Fund CFO Chen Limin noted that even before this trend began, Russians owned an estimated 5 trillion rubles ($67 billion at the time) in cryptocurrencies, according to an estimate announced by the head of the parliamentary financial market committee Anatoly. Aksakov.

Do you expect cryptocurrency understanding among Russians to increase with wider adoption? Share your thoughts on the topic in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’ quote: “To be a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.