Some Russians believe cryptocurrency will dominate fiat

Soon, it will be the rise of crypto in Russia.

A new survey conducted in Russia involving cryptocurrencies and fiat currency showed some residents believe that the former will replace the latter in 10 years.

The research was done by the Moscow-based financial Otkritie Bank, also one of the top 10 banks in the country. It found that 14% of the 1,000 respondents surveyed were optimistic about digital currencies and the future ahead of them.

The financial institution collected responses from people that were aged 18-65 years old across the largest cities in Russia between April 12 and April 16.

The data showed that 8% of the respondents from the Northwest region think that crypto assets will dominate fiat or government-backed currencies in 10 years. However, it also showed that 21% of the residents in Moscow believe otherwise.

A glance at what Russians think about cryptocurrencies

Four out of 10 people in the Russian capital city see banks reinventing themselves into the digital ecosystems because the crypto industry keeps developing and extending its reach.

In the Northwestern Federal District, the survey that’s cited by showed that 34% of the respondents “believe that cryptocurrencies cannot replace traditional currencies in anything.”

Meanwhile, from the whole Moscow region, 46% of the surveyed residents think that people should always have the chance to pick between using crypto or traditional money, while almost 40% think that it is impossible to give up cash.

Crypto gains ground in Russia

In general, the survey goes on the same page as the recent ones that were published by the World Gold Council (WGC).

In October 2020, cryptocurrency was listed in Russia as the fifth most popular investment vehicle, gaining a percentage rating of around 17%.

Authors from WGC noted that crypto investment is gaining ground and taking place in Russia although regulations regarding it are not clear.


Image courtesy of Cointelegraph News/YouTube

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