Survey Shows 20% of Russians Have Used Cryptocurrency

Jimmy Aki
Last Updated:

Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.

A recent survey conducted by a local financial marketplace showed that almost 20% of Russians have experimented with cryptocurrency, highlighting growing curiosity about digital assets.

Majority Have Not Invested in Crypto

Russia’s state-run TASS news agency revealed that the study involved 1,200 respondents across Russia aged 18 and above.

According to the survey results, more than two-thirds of respondents (66%) reported being aware of cryptocurrencies, but their knowledge was basic.

About 15% of the participants also expressed future interest in adopting digital currencies, showing potential for growth in this area.

Although 20% of respondents have tried using cryptocurrencies, almost 80% admitted to never having done so. Among those who have used it, curiosity seems to be the driving force. The survey showed that 63% of these users engaged with crypto purely out of curiosity, without specific financial goals.

In contrast, 19% of respondents said they used digital currencies for savings or investment purposes. Only 2% reported using cryptocurrency regularly for transactions or other financial activities.

Despite increasing crypto awareness, most Russians still do not actively hold any digital assets. Nearly 90% of respondents confirmed they do not currently possess any form of cryptocurrency.

Among the small percentage of individuals who do hold crypto, 6% reported that they keep less than 10% of their total savings in digital assets. Only 4% hold up to 50% of their assets in crypto, signaling a cautious approach to integrating digital currencies into their portfolios.

The data suggests that although many Russians have explored cryptocurrency, most remain unfamiliar with its full potential.

Russia’s Interest in Crypto Amid Sanctions

The findings come at a time when the Russian government is exploring the use of digital currencies, particularly as a method for international trade amid economic sanctions following the country’s war on Ukraine.

Recently, Russia formed a focus group to address issues faced by importers dealing with dual-use goods. These are items that can serve both civilian and military purposes and are subject to international payment restrictions.

This focus group is working to find solutions to bypass these limitations, which have become more urgent following China’s recent ban on the export of unregulated civilian drones.

Digital assets are seen as a possible way for Russia to navigate these economic hurdles. However, as the survey suggests, the public’s full adoption of cryptocurrencies remains slow, with only a small percentage using them for daily transactions.

The Russian government has shown a mixed attitude towards cryptocurrency in recent years. While discussions are ongoing regarding its use for international trade, especially in sectors tied to national security, regulations on domestic usage remain restrictive.

Authorities have generally taken a cautious stance, banning crypto for daily payments while keeping it legal for investments. Notably, the call for crypto investment continues, with experts like Robert Kiyosaki advocating for Bitcoin as the ultimate protection against inflation.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.