Russians Skeptical About Practical Use Cases for Cryptocurrency Despite New Law

A recent survey in Russia found that nearly seven out of ten respondents couldn't identify a practical reason to use cryptocurrency, despite the country's new legal framework. The survey was conducted by Rambler&Co and published by TASS on August 4.

The law, signed by President Vladimir Putin on August 4, 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. The main provisions of the law take effect on September 1, with licensed intermediary requirements becoming mandatory from July 2027 onward.

The survey showed that only 6% of respondents reported direct practical experience with cryptocurrencies, while 54% said they knew almost nothing about how they work. A significant proportion, 38%, wanted honest information without promises of fast profits, highlighting the importance of trust and clear explanations in building adoption.