New Survey Reveals Only 13% Russians Have In-depth Knowledge of Cryptocurrencies

Cryptocurrency is becoming increasingly popular in many countries around the world. While some of these countries are still carrying out in-depth research on how digital currencies work and their benefit, some have already made plans to develop their native cryptos.  

In Russia, a survey was conducted by Romir Research holding, the country’s largest private company that specializes in media, marketing, and socio-economic research. The idea of the study is to find out the importance of cryptocurrencies for Russians. 1500 respondents were randomly selected, this covered people from different age grade, careers, gender, etc.

Out of the 1500 respondents, 44 percent agreed to know what cryptocurrencies are, while 56 percent said they have never heard about cryptocurrencies.

From the 44 percent respondents that have heard about cryptocurrencies, 31 percent said they have only heard about it, but they do not understand how cryptocurrencies work, or the logic behind it. The other 13 percent gave an in-depth explanation of how cryptocurrencies work.

87% of the respondents that know about cryptocurrencies are of the opinion that they will not invest in the digital assets, while 11 percent said they wouldn’t mind investing some cash in the crypto space and reap the benefits from the business. Only 2 percent said they are already into cryptocurrency investment like BTC and ETH.  

“The survey has demonstrated that cryptocurrencies have not yet become a significant financial instrument,” said Andrey Milekhin, President of Romir Research holding. He further stated that the reason behind the low interest of the respondents to acquire cryptocurrencies could be attributed to their experience with Ponzi schemes that did not turn out well for many Russians, hence the skepticism about cryptocurrencies.

Russia is currently in the process of enacting laws that will determine how cryptocurrency activities such as exchange, crypto taxation, and mining will be done in subsequent years across the country. However, lawmakers have expressed concerns over cryptocurrencies especially BTC, and the bill has currently passed the first reading, but it is yet to be approved by the Russian Government.  

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