A new study by Otkritie Bank, one of the 10 largest banks in Russia, shows that 14% of Russians believe that the cryptocurrency will replace fiat currencies within 10 years.
According to the Russian Nord News publication, the survey was conducted from April 12 to 16 on a sample of 1,000 Russians between the ages of 18 and 65 who live in cities with more than 100,000 residents.
Results differed by region: respondents in the northwest have the least confidence in cryptocurrencies – only 8% believe that cryptocurrency will remove fiat money within a decade, while 34% strongly reject the belief that digital currencies can replace fiat currencies for anyone who uses them. .
But Moscow appears to be more optimistic about the cryptocurrency: 21% of respondents believe that in the next decade, cash will be exchanged for cryptocurrency and digital currency. Moreover, four out of ten banks believe that they will become digital ecosystems of the future.
The growth of the digital ruble may be one of the main factors behind Russia’s abandonment of cash. In March, Cointelegraph reported that the Bank of Russia expects to complete the digital ruble digital model by the end of 2021.
The Bank of Russia announced that CBDC will conduct pilot tests in 2022. A previous study by Otkritie in January showed that 47% of Russians are already ready to use the digital ruble.
However, the latest survey also showed that many Russians are pessimistic about the transition to the digital economy, with 39% convinced that it is impossible to give up cash, since many other countries will not be able to function without it. It was also found that 46% of respondents believed that people should be able to choose to use cryptocurrency or cash.
Some believe that Russian rules are hindering the wider adoption of cryptocurrencies. Earlier this month, a group of Russian lobbyists led by law firm Digital Rights Center launched the public campaign of the Cryptocurrency Association of Russia.
According to the pressure group, the current laws in Russia, whereby a ban on the use of cryptocurrency as a form of payment and a three-year prison term for failing to provide information on ownership reduces “the development of a distributed financial market.”
Russian investors appear to be paying close attention to taxes, but Cointelegraph has reported a significant increase in the number of Russians announcing their cryptocurrency income in recent months.