Russians Skeptical of Cryptocurrency Ahead of Regulatory Framework

Russia's planned legalization of cryptocurrency has not convinced many citizens that digital assets have practical uses. According to a recent survey, nearly 70% of respondents don't see any real use cases for crypto under Moscow's new terms.

The Rambler&Co media holding conducted the poll among over 2,000 active internet users in Russia between July 23 and 30. The majority of participants admitted they are not using cryptocurrency now and don't understand how its legalization will impact their lives.

About half of the respondents (52%) plan to stick with traditional currencies. However, some do see potential uses for crypto: 8% intend to spend it on purchases from abroad, 6% want to use it for long-term investments and diversification of their savings, and 4% envision using digital money in business activities.

Russia's most comprehensive regulatory framework is set to take effect next month. The legislation will govern transactions related to investment and trading, including the licensing of dedicated platforms for cryptocurrency exchange and storage.