Less than a third of Russians know anything of crypto currencies – survey - FinanceFeeds

Less than a third of Russians know anything of crypto currencies – survey

A NAFI survey conducted earlier this summer shows that 28% of the respondents are “somewhat familiar” with crypto currencies.

Although Russian authorities seem to be warming up to Bitcoin and blockchain, the overall awareness about crypto currencies among the Russian population remains low, as per the results of the latest survey on the topic conducted by the NAFI analytical centre.

The survey, conducted earlier this summer, covered 1,600 respondents across 42 Russian regions. All respondents are at least 18 years of age.

  • Only 28% of those surveyed are somewhat informed about crypto currencies. The percentage of those who heard the term “crypto currency” for the first time thanks to the survey is 72%.
  • Among those knowledgeable of crypto currencies, 38% believe that this is a good investment. This opinion is prevailing among those aged from 18 to 24 years.
  • Nearly half of those who are familiar with crypto currencies believe that this is a temporary phenomenon. This stance is mostly defended by women (59% of female respondents vs 38% of male ones) and retirees (60%).
  • About a third of the respondents (31%) consider that crypto currencies are the money of the future. This opinion is mainly shared by men.
  • Regarding the legal status of crypto currencies in Russia, 48% of those familiar with crypto currencies believe Bitcoin should not be banned. In 2015, the percentage of such Bitcoin advocates was 23%.

The findings of the NAFI survey concerning crypto currency knowledge amid the Russian population stand in contrast to those in a survey conducted by PayPal and Ipsos ComCon early this summer. The latter survey covered active Internet users in Russia and showed that the majority of them are familiar with crypto currencies and would like to use them for online payments for products & services.

The PayPal survey shows that about 62% of Internet users in Russia are familiar with crypto currencies, with the percentage highest among respondents who are 36-45 years old: in this group, the percentage is 67%. Among 18-25 year olds, the percentage is 53%.

However, that survey also indicated some skepticism among respondents regarding Bitcoin and its likes, as the majority of those surveyed said they do not believe that Bitcoin and other crypto currencies will ever replace traditional money.

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