The adoption of cryptocurrencies seems to be progressing slowly in Russia, because a large part of the population has not yet invested in the new asset class, according to a new study.
The Swiss wallet service provider Tangem has conducted a corresponding survey among investors in Russia, as the Russian news agency Kommersant reports today Thursday.
According to this, 72% of the 2,100 respondents say that they have never bought cryptocurrencies such as Bitcoin (BTC). This leaves only a very small part of Russians who actually already had points of contact with crypto.
After all, only 9% of participants have a negative attitude towards cryptocurrencies, with 45% even rating their attitude towards digital currencies as positive. The remaining 46%, in their own estimation, are again neutral.
According to the study, the biggest advantage of investing in cryptocurrencies would be “the opportunity to learn something”, because 44% of respondents see this. However, 68% of participants see “the lack of a real equivalent value” as the biggest minus point, which discourages more than two-thirds of investors from investing in crypto.
So, although the majority of Russians have not yet made an investment in the crypto market, at least 31% are toying with the idea of entering it within the next six months. While almost 40% are still unsure about a crypto investment, the remaining 29% completely reject such an investment in the near future.
The low adoption of cryptocurrencies in Russia, according to the data of Tangem, correlates with the low level of knowledge of the population about the asset class. Thus, only 6% of the participants would have good knowledge, while 80% do not know more than the term cryptocurrencies.
Sergey Mendeleev, the CEO of InDeFi, confirms these figures, because according to his own estimates, the number of Russian crypto users is less than 1% of the country’s population of 144 million people. Above all, he sees the lack of clear legal methods for the acquisition and sale of cryptocurrencies as the biggest obstacle to widespread adoption.
Interestingly, the Kremlin had officially estimated at the beginning of the year that Russians had a total of $200 billion in crypto assets by the end of 2021. In addition, another study found that 77% of Russian investors would prefer Bitcoin to gold.