Traditional currencies like gold and fiat currencies could be losing their appeal to cryptocurrencies among potential Russian investors. An overwhelming majority of young Russians, including crypto-skeptics, are considering buying into cryptocurrency.
A recent opinion poll by the Association of Forex Dealers (AFD) found that 14% of the respondents aged between 18 and 56 believed Bitcoin would displace fiat cash in the next ten years. The poll that was conducted between August 4 and 24 involved over 500 adults. At least 90% of those polled were males aged between 25 and 44 years.
According to the poll results, an overwhelming 76.9% said they preferred cryptocurrencies over conventional assets like gold and fiat currency. Interestingly, some 24.7% of those crypto lovers said they were disappointed they wouldn’t trade in cryptocurrencies within a month. However, the group said they were keen to ensure they carried out at least a trade in the next three months.
Disappointed by the law on digital financial assets
At least 17% of the respondents revealed they traded digital currencies at least once monthly, while 35.1% said they dealt with cryptocurrencies more than once every month. Only 23% of the survey participants admitted they had never had any interaction with cryptocurrencies.
Over 51% of the participants said they were not into crypto for get-rich-quick plans but considered it a long-term investment. Only a paltry 8% of the investors said they were in it for quick gains. While 22.2% of the respondents got cryptocurrencies to pay for goods and services, the majority were disappointed by the law on digital financial assets that made their plans impossible to implement.
Government doesn’t allow purchasing in Cryptocurrencies
Most of the polled investors wanted regulations to make the crypto sphere safer, but 40.4% think government intervention would choke crypto space. A paltry 16% of the respondents said they didn’t believe cryptocurrencies needed any form of regulation, but 9% of the participants couldn’t see how the government could rein on cryptocurrencies.
Cryptocurrencies were illegal in Russia until the government gave them legal status in 2020. However, the government doesn’t allow people to use digital currencies to make purchases, mainly because some people use it for illegal activities. The government has plans to create a digital Ruble and plans to have a prototype ready by the end of the year. Russia’s central bank governor, Elvira Nabiullina, said:
“We will go step by step because it’s [a] very difficult, technological, legal … project.”
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Tom is a long-serving freelance writer who specializes in the blockchain and cryptocurrency niche. You may even call him a crypto-enthusiast with over 10-years’ experience in content creation, blog writing, and SEO. He is a philosophical figurehead who believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.