Russia Legalizes Crypto, But Most Citizens See No Practical Use

Russia has officially legalized cryptocurrency, but nearly seven in ten Russians surveyed see no practical use for it. A recent poll conducted by Rambler&Co found that 69% of respondents could not identify a reason to use crypto following legalization.

The survey was published on August 4 and involved over 2,000 internet users who responded from July 23 through July 30. The results show that only 8% of respondents mentioned paying for foreign purchases as a practical use case, while 6% selected long-term investment and savings diversification.

The findings arrived just before President Vladimir Putin signed Russia's new federal law 'On Digital Currencies and Digital Rights' on August 4. The law creates regulated channels for trading, custody, and foreign trade settlement but does not allow consumers to pay for ordinary goods and services with crypto inside Russia.