Russia Nears Crypto Legalisation, But Locals Remain Skeptical

Russia is on the cusp of legalizing cryptocurrency, but many locals are skeptical about its practical value. A recent survey by Rambler&Co found that 69% of respondents said they wouldn't know where to use it even if it's legalized next month.

The survey questioned 2,000 internet users ahead of Russia's comprehensive cryptocurrency regulatory framework, which is set to take effect on September 1. The new system will regulate activities related to investment and trading, as well as introduce a licensing framework for platforms dedicated to cryptocurrency exchange and custody.

The scope of market opening is limited, with ordinary Russians able to access high-liquidity coins like Bitcoin, but only up to an annual investment limit of less than $4,000. Some 52% of respondents said they don't currently use digital assets and don't know how legalization will affect their lives.

Only a small percentage of respondents showed enthusiasm for cryptocurrency: 8% said they would use it for overseas purchases, 6% for long-term investment and asset diversification, and 4% for business activities. Others wanted more information about cryptocurrency before using it, with 38% seeking 'accurate information' and 36% wanting unambiguous laws and regulations.