69% of Russians see no use in crypto after legalisation

Despite the recent legalization of cryptocurrency in Russia, a large majority of the Russian population sees little benefit in it. According to a survey by Rambler&Co, reported by news agency TASS, 69% of respondents say they cannot think of any practical application for crypto, even now that it is legally permitted.

In brief:

• 69% of Russians see no use for crypto, even after legalization
• 52% do not understand how legalization would affect their daily lives
• 54% know little to nothing about how cryptocurrency works

Little familiarity with crypto among Russian population

The low level of interest is linked to a lack of knowledge. As many as 54% of respondents admit to knowing little to nothing about how cryptocurrency works. Only 6% say they actually have experience in the sector and understand it. These are strikingly low figures for a country where the government has now given crypto an official status.

Yet there is a small group that has become curious because of the news about legalization. For instance, 6% say the report about the legal status prompted them for the first time to look into digital currencies. This indicates that official government policy does generate some interest among a small part of the population.

Some Russians do see applications

The 31% who do see a use for crypto cite a range of reasons. Thirteen percent say they see multiple applications, while 8% find crypto useful for payments abroad. Six percent consider it a means for long-term investments and diversification of savings, and 4% see opportunities for business transactions and transfers.

Opinions are divided on the legalization itself. Half of the respondents, 52%, say they cannot assess its impact because they simply do not use crypto. At the same time, 22% think it is better to regulate crypto than to leave it in a grey area. Another 20% say they had been waiting for clear rules and an orderly market for some time.