Russia on Brink of Crypto Legalization Despite Local Skepticism

Russia is on the verge 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 cryptocurrency even if it's legalized next month.

The Russian government has been working on a comprehensive regulatory framework for cryptocurrency, which includes licensing platforms and regulating activities related to investment and trading. The lower house of parliament, the State Duma, recently passed a bill on 'digital currency and digital rights', but it still needs approval from the upper house and the President's signature.

Ordinary Russians will be able to access cryptocurrencies like Bitcoin for the first time, but the eligible assets will be limited to high-liquidity coins. Annual investment limits for non-qualified investors will also be capped at less than $4,000 (about 5.7 million won).