Majority of Russians are familiar with crypto currencies, survey shows

Maria Nikolova

About 62% of Internet users in Russia are familiar with crypto currencies. However, the Russians do not believe that the Bitcoin and other crypto currencies will ever replace traditional money.

The majority of active Internet users in Russia are familiar with crypto currencies and would like to use them for online payments for products & services. The data comes from an online survey conducted by PayPal and Ipsos ComCon, quoted by TASS. The survey, carried out earlier in June 2017, covered 1,000 Russians (of 18-45 years of age) who made online purchases and/or payments during the past month.

The 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, the Russians do not believe that Bitcoin and other crypto currencies will ever replace traditional money.

The results of the survey seem to be in tune with those of the Twenty-Third Monex Global Investor Survey, which has shown that investors in the US, Japan and Hong Kong are rather reluctant to invest in bitcoin. The data shows that meager 3% of retail investors in Japan and the United States said they had already invested in virtual currency. The percentage is somewhat higher in China (Hong Kong) where it stands at 10%.

In addition, 20% of retail investors in the United States and China (Hong Kong) that participated in the Monex survey said they were not familiar with virtual currency. Most retail investors in Japan, are familiar with virtual currency although the majority of them have not made any investment in such type of assets.

Russian institutions have been gradually warming up to the idea of crypto currencies. Olga Skorobogatova, Deputy Governor at the Central Bank of Russia, has unveiled plans by the regulator regarding the taxation of crypto-currencies as digital assets. The relevant proposals are set to be published in the end of June.

Elvira Nabiullina, Governor of the Bank of Russia, has been more skeptical with regards to crypto currencies and Bitcoin legalization, in particular. She said there was no time frame on any potential legalization of Bitcoin and that there were many risks of using this “asset”. Ms Nabiullina also said the central bank saw no substantial benefits from introducing digital assets in the Russian economy.

Read this next

Metaverse Gaming NFT

Industry Leaders DER Touristik Online, Lufthansa Group, and Chain4Travel Host First Web3 & Travel Hackathon

DER Touristik Online, Lufthansa Group, and Chain4Travel join forces to organize the travel industry’s first-ever hackathon centered on web3 technologies, delivering innovative prototypes in less than four days.

Retail FX

Revolut misses deadline for filing 2022 financial accounts

British fintech firm Revolut has been granted an extension for filing its 2022 financial accounts, marking the second consecutive year the company has secured such permission. According to Companies House, the UK’s public registry of businesses, the original deadline for filing was September 13.

Retail FX

Traders Union Names RoboForex the Best Forex Broker of 2023

In a recent update, Traders Union has unveiled its highly anticipated ranking of the Best Forex Brokers for 2023, continuing its tradition of providing valuable information to traders.

Digital Assets

PayPal introduces its stablecoin to Venmo users

PayPal has revealed that its PYUSD stablecoin, designed for payments and transfers, is now accessible through Venmo. This stablecoin, fully backed by US dollar deposits and similar assets, provides selected users with a regulated, dollar-denominated digital currency.


Stagflation Speculation: Is the UK Economy Heading for Uncharted Waters?

Amid rising concerns about a potential recession, the term “stagflation” is increasingly being used to describe the UK’s current economic scenario, characterized by conflicting indicators such as high inflation and stagnant growth.

Industry News

Exness Becomes Titanium Sponsor for 6th Annual Forex Expo in Dubai.

Multi-asset broker Exness has been named the Titanium Sponsor for the 6th edition of the Forex Expo in Dubai, further cementing its role as a key player and supporter in the trading industry.

Digital Assets

Mt. Gox victims to wait another year for repayments

Nobuaki Kobayashi, the trustee responsible for managing the assets of the now-defunct Mt. Gox Bitcoin exchange, has announced an extension of the deadline for repaying the exchange’s creditors.


Sumsub launches Non-Document Verification in the UK: Client onboarding in 5 seconds

Sumsub’s partnership with OneID introduces Non-Document Verification, enabling near-instant identity verification through official bank records while ensuring compliance with UK regulations.

Industry News

CFTC fines Advantage Futures $395,000 for 12.8 million unmonitored trades

Collectively, these failures by Advantage resulted in over 12.8 million cleared contracts not being processed or surveilled from July 2018 to June 2022. This accounts for nearly 1.5% of the trading volume by Advantage’s customers during that four-year period.