Cryptocurrency adoption in Russia is not moving too quickly being an overwhelming most of Russians have apparently never bought crypto, according to a different survey.
Europe-based cryptocurrency wallet provider Tangem has conducted a poll to understand more about cryptocurrency investors in Russia, local news agency Kommersant reported on Thursday.
As much as 72% from the 2,100 respondents within the survey claimed they have never bought cryptocurrencies like Bitcoin (BTC), which leaves Russian crypto investors inside a significant minority.
Simultaneously, just 9% survey participants indicated that they are negative toward cryptocurrencies while 45% of respondents stated they’d an optimistic attitude towards digital currencies, using the remaining 46% being neutral.
Based on the survey, the “ability to earn” was the greatest positive factor about crypto investments, with 44% of respondents selecting to purchase crypto for this reason factor. However, the “absence of physical backing” was indicated because the most concerning point, with 68% of respondents stating that they didn’t are interested crypto due to this reason.
Despite most Russians apparently snot being brought to crypto investments, most are thinking about potential investments. 31% of respondents indicated that they are prepared to buy crypto within the next six several weeks, while 40% claimed these were still uncertain about any potential investments in crypto. Just 30% of participants stated they didn’t plan any crypto purchases soon.
Russia’s low crypto adoption rate comes consistent with a minimal degree of awareness and crypto education. Based on Tangem’s data, only 6% of respondents put together to possess good understanding of crypto, while 80% were only acquainted with the word.
Based on estimations by InDeFi Chief executive officer Sergey Mendeleev, the amount of active and passive crypto users in Russia presently comes down to under 1% from the total 144.4 million population. He stated this really is likely because of a lack of legal techniques to purchase or sell crypto in Russia along with the chance of funds being blocked by banks.
Related: Pro-Russian groups elevated only 4% of crypto donations delivered to Ukraine
However, some experts think that Russians happen to be embracing crypto because of forex limitations through the Bank of Russia. TerraCrypto founder Nikita Vassev apparently stated that lots of Russians happen to be taking cash overseas using stablecoins and Bitcoin after which cashing in countries like Georgia or even the Uae.
Captured, the Kremlin apparently believed that Russians owned about $200 billion price of crypto by late 2021. Another survey this past year recommended that 77% of Russian investors preferred Bitcoin to gold and foreign exchange.
