Russians Skeptical of Cryptocurrency Despite Legalization

Russia has legalized cryptocurrency, but despite this new regulatory framework, nearly seven in ten Russians surveyed could not identify a practical reason to use it.

A recent Rambler&Co survey found that 69% of respondents saw no personal use case for crypto following legalization. Only 8% mentioned paying for foreign purchases, while 6% selected long-term investment and savings diversification.

The law signed by President Vladimir Putin on August 4 preserves the domestic payments ban while licensing exchanges, brokers, custodians, and depositories. The main provisions take effect on September 1, with licensed intermediary requirements becoming mandatory from July 2027 onward.