According to a new poll, there may be a great number of Russians in big cities who are familiar with the term cryptocurrency, but there is only a small number that actually understand what it is.
Experts further said that there is a growth in adoption interest in cryptocurrencies in Russia because of the currency restrictions that were imposed in the country earlier this year.
Hardware wallet developer called Tangem conducted a survey in Russian cities that have a population of more than 100,000.
About 2,100 residents participated in the survey, which showed that only 6% of internet users in the Russian Federation have a clear understanding of cryptocurrencies, even if 80% of them have heard the term.
45% of the people who participated in the survey had a positive response toward these digital currencies and 46% of them remained neutral.
However, there were 9% of the respondents had a negative opinion of cryptocurrencies. Those who are willing to buy cryptocurrencies do it because they want to benefit from capital gains.
The reason for rejection is mostly the lack of backing of cryptocurrencies.
Almost one-third i.e. 31% of the survey participants said that they were ready to purchase crypto in the next six months, but 30% of them also said that they had no intention of doing so.
40% of the people who were polled said that they were still undecided, while 72% of the participants had never purchased a cryptocurrency.
About two-thirds or 68% of the investors had decided to purchase crypto in order to figure out exactly what kind of instrument it is.
There was an additional 22% had bought crypto for saving purposes, while 19% were just looking to diversify their investment.
There were also 18% of people who had bought decentralized digital money in order to pay for goods and services and crypto was used as a hedge against foreign exchange fluctuations and inflation by 16%.
Foreign currency restrictions
There are 24% who now own cryptocurrency and 7% of them have digital assets that are valued at $100, while 9% own assets between $100 and $1,000, while 8% own digital assets valued at $1,000 and above.
There is low investment in cryptocurrencies from investment funds in the country and ordinary investors.
However, it should be noted that there is no legitimate way for people to purchase crypto in Russia for now.
This means that people have to contend with the possibility of losing their funds and also getting their accounts blocked by banks.
Furthermore, the currency restrictions that Moscow had imposed earlier this year after Western sanctions have also accelerated crypto adoption in Russia.
There are many people in Russia who are using bitcoin or stablecoins for transferring money out of the country and are exchanging it with fiat in other countries like the United Arab Emirates, or Georgia.
Even before this trend, statistics showed that Russians already owned about 5 trillion rubles in cryptocurrencies.