Over 80% of Russians are aware of cryptocurrency

A sizable majority of Russians are well aware of cryptocurrency, and close to half of those with knowledge would like to have a wallet, a new survey has shown.

According to Russia’s largest bank, which carried out the study, the results are a clear indication that Russian citizens favor the legalization of the digital assets market.

Most Russians know about cryptocurrency, with many ready to invest in it

Some 83% of the respondents in the poll, conducted by Sber Analytics, the research arm of Russia’s biggest bank by assets, are familiar with the term “cryptocurrency,” announced a high-ranking Sber executive.

Anatoly Popov, deputy chairman of the bank’s management board, was speaking at an event devoted to artificial intelligence and blockchain technology.

Quoted by the news agencies TASS and Regnum on Thursday, he elaborated:

The top banker was referring to efforts by financial authorities in Moscow to properly regulate crypto transactions, including investments, beyond the existing “experimental” legal regime.

Addressing participants in the Sberbank-hosted international conference “FI Day. AI & Blockchain,” Popov further detailed:

Approximately 33% actually plan to set up one soon, 24% already own a cryptocurrency wallet, but only 5% admit to using it on a regular basis.

Around 19% of all polled have already purchased cryptocurrency, and 41% are interested in buying. Those who haven’t done that yet say they are put off by ambiguous laws or prevented by a lack of funds.

Popov insisted that Russian citizens want to use digital assets under clear rules, citing this as the main reason why Sberbank is developing products in the niche.

“We already offer access to the crypto market through regulated instruments, without direct ownership of the assets. Our solutions enable investments in both a basket of BTC and ETH as well as in individual cryptocurrencies, within the legal framework,” the Sber representative noted.

“The next task is to transform this technological potential into everyday trusted services that will benefit users,” emphasized the deputy head of Sberbank’s management.

The big question remains – will the central bank allow it?

The Central Bank of Russia (CBR) authorized financial firms to launch crypto derivatives on the domestic market in May, and Sberbank was one of the first institutions to launch such products, alongside the Moscow Exchange.

Most of the currently available offerings track the performance of foreign crypto funds and indices, but the monetary authority already stated its intentions to permit the issuing of derivatives directly tied to the digital currencies.

While it also wants to legalize crypto investments in general, despite its previous opposition, chances are it will still try to keep access relatively limited, as recently indicated by one of its top executives, leaving retail investors out of the market for now.

Asked to comment on the latest statements from the CBR, Anatoly Popov told the business news portal RBC that Sberbank is in permanent contact with regulatory bodies to ensure that the new services that are being developed will provide investor protection and maintain financial stability.

The Sber Analytics’ study also showed that in Russia, cryptocurrency is most often employed to store value (33%). At the same time, 9% of the respondents said they were using it to make payments, and 7% for international transfers.

Over half of the 1,295 Russians who participated in the representative poll remain wary about crypto (52%) and consider government regulation important (56%). The young people are much more open to decentralized digital money than those over the age of 45, who fear fraud and volatility the most.

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