New studies by one of the ten largest banks in Russia, Otkritie Bank, have shown this 14% of Russians believe that cryptocurrencies will replace fiat money in 10 years.
According to the Russian publication Nord News, The survey was conducted between April 12 and April 16 with a sample of 1,000 Russians between the ages of 18 and 65 who live in cities with more than 100,000 inhabitants.
The results varied between regions and it has been shown that Respondents in the Northwest had the least confidence in cryptocurrencies: only 8% believe that cryptocurrencies will displace fiat money within a decade34% flatly refuse to believe that cryptocurrencies can replace fiat currencies for any use case.
However, There seems to be more optimism about cryptocurrencies in Moscow as 21% of respondents believe that cryptocurrencies and digital currencies will replace cash in the next decade. In addition, four in ten believe that banks will become “digital ecosystems” in the future.
One of the main drivers for Russia to move away from cash could be the emergence of the digital ruble. Cointelegraph reported in March that The Bank of Russia expects a digital prototype of the digital ruble to be ready by the end of 2021.
The Bank of Russia has announced that the digital currency will be the central bank will be piloted in 2022. An earlier study by Otkritie in January found that out 47% of Russian residents are ready to use the digital ruble.
However, The latest survey also found that many Russians are pessimistic about the transition to digital finance: 39% believe it is impossible to go without cash because many other countries cannot operate without them. It was also discovered that 46% of respondents believe that people should be able to choose whether to use cryptocurrencies or cash.
Some believe that Russian regulations prevent cryptocurrencies from gaining wider acceptance. Earlier this month, a Russian lobby group was led by Digital Rights Center law firm launched the “Public Initiative of the Cryptocurrency Community in Russia” campaign.
According to the pressure group existing laws in RussiaB. the ban on the use of cryptocurrencies as a means of payment and the imposition of three-year prison sentences for failing to report their possession They hold back “the development of the distributed financial market”.
However, It appears that Russian investors are doing their tax due diligence;; Cointelegraph reported that in recent months the number of Russians reporting their cryptocurrency earnings has increased significantly.