72% of Russians say they have never bought Bitcoin: Survey

Published at: Aug. 25, 2022

Cryptocurrency adoption in Russia has not been moving too fast as an overwhelming majority of Russians have apparently not ever bought crypto, according to a new survey.

Switzerland-based cryptocurrency wallet provider Tangem has conducted a poll to learn more about cryptocurrency investors in Russia, local news agency Kommersant reported on Thursday.

As many as 72% of the 2,100 respondents in the survey claimed that they have never bought cryptocurrencies like Bitcoin (BTC), which leaves Russian crypto investors in a significant minority.

At the same time, just 9% survey participants indicated that they were negative toward cryptocurrencies while 45% of respondents said they had a positive attitude towards digital currencies, with the remaining 46% being neutral.

According to the survey, the “ability to earn” was the biggest positive thing about crypto investments, with 44% of respondents choosing to invest in crypto due to this factor. On the other hand, the “absence of physical backing” was indicated as the most concerning point, with 68% of respondents saying that they didn’t want to buy crypto because of this reason.

Despite the vast majority of Russians apparently snot being introduced to crypto investments, many are considering potential investments. 31% of respondents indicated that they were ready to buy crypto in the next six months, while 40% claimed they were still uncertain about any potential investments in crypto. Just 30% of participants said they didn’t plan any crypto purchases in the near future.

Russia’s low crypto adoption rate comes in line with a low level of awareness and crypto education. According to Tangem’s data, only 6% of respondents were found to have good knowledge of crypto, while 80% were only familiar with the term.

According to estimations by InDeFi CEO Sergey Mendeleev, the number of active and passive crypto users in Russia currently amounts to less than 1% out of the total 144.4 million population. He said this is likely due to an absence of legal methods to buy or sell crypto in Russia as well as the risk of funds being blocked by banks.

Related: Pro-Russian groups raised only 4% of crypto donations sent to Ukraine

On the other hand, some experts believe that Russians have been turning to crypto due to foreign currency restrictions by the Bank of Russia. TerraCrypto founder Nikita Vassev reportedly said that many Russians have been taking cash out of the country using stablecoins and Bitcoin and then cashing out in countries like Georgia or the United Arab Emirates.

Earlier this year, the Kremlin reportedly estimated that Russians owned about $200 billion worth of crypto by late 2021. Another survey last year suggested that 77% of Russian investors preferred Bitcoin to gold and forex.

Tags
Adoption
Bitcoin
Regulation
Cryptocurrencies
Russia
Bank Of Russia
Survey
Related Posts
Sanctioned Russian oligarch urges central bank to embrace Bitcoin
Russian oligarch Oleg Deripaska has once again called on the Russian government to stop ignoring Bitcoin (BTC) after the United States Federal Bureau of Investigation raided his homes in Washington and New York. In a Telegram post on Thursday, Deripaska argued that the Bank of Russia has been “infantile in ignoring the growing cryptocurrency market,” while the U.S. Department of the Treasury has been “investing particularly in this direction.” The billionaire emphasized that cryptocurrencies like Bitcoin have massive potential to not only help Russia avoid U.S. sanctions but also weaken the U.S. dollar, stating: “The U.S. had realized long ago …
Adoption / Oct. 21, 2021
Russian central bank ‘short-sighted’ regarding crypto, lawmaker says
A Russian State Duma member has blasted the central bank’s tough stance on the cryptocurrency industry for ignoring the growing demand for crypto in the country. Fedot Tumusov, a member of the “A Just Russia” party representing the Siberian region of Yakutsk, has criticized the Bank of Russia’s approach to regulating the crypto industry following a Tuesday plenary meeting of the State Duma. In a Tuesday Telegram post, Tumusov outlined the growing need to create an ecosystem that allows Russian residents to purchase cryptocurrencies like Bitcoin (BTC) amid increasing demand. The official argued that despite Russia enforcing crypto legislation earlier …
Adoption / June 15, 2021
Russia to decide between blanket crypto ban and legalizing exchanges in 2022
On Thursday, conflicting reports emerged in Russia on the state of crypto regulatory affairs. First, a report by Reuters indicated that the Central Bank of Russia is seeking a ban on cryptocurrencies, citing risks to financial stability and the exploding volume of transactions. If enacted, the move would align with remarks made by Russian President Vladimir Putin last month, who stated that cryptocurrencies "bear high risks" at an investment forum in Moscow. The nation's central bank is currently preparing an advisory report on the issue. However, Anatoly Aksakov, chairman of the Duma [Russian Parliament] Committee on Financial Markets, gave the …
Adoption / Dec. 16, 2021
Bank of Russia backs cross-border crypto payments vs. domestic trade
Russia’s central bank governor Elvira Nabiullina is the latest official to confirm that the country is warming to the idea of cryptocurrency payments, but not domestic ones. According to Nabiullina, cryptocurrencies can be used in cross-border or international payments only if they don’t get into Russia’s domestic financial system. The digital currency should not be used as payment on platforms inside Russia, the Bank of Russia governor said in an interview with the local news agency RBC. That is why cryptocurrency prices are too unstable or volatile, thus risky for retail investors, Nabiullina argued, stating: “Cryptocurrencies should not be traded …
Adoption / June 16, 2022
Russian PM takes cue from Iran’s crypto payment permit for imports
Russia could soon be taking a cue from Iran by using cryptocurrencies for imports, according to comments from the Russian prime Minister. The adoption of digital assets is necessary as a “safe alternative” for cross-border payments, Russian Prime Minister Mikhail Mishustin declared at a strategic session on the development of the domestic financial system on Tuesday. The prime minister added that digital assets provide a good opportunity to ensure uninterrupted payments for imports and exports. Mishustin also pointed out the importance of ensuring tech infrastructure independence and cybersecurity of financial institutions, stating: “We need to intensively develop innovative areas, including …
Adoption / Aug. 30, 2022