The majority of surveyed Russian citizens fail to recognize significant use cases for cryptocurrency despite its upcoming legalization in their country.
The finding comes before the enforcement of a comprehensive regulatory framework in September as Moscow seeks to take the reins of the growing market.
Russians remain skeptical about crypto ahead of restrictive regulations
Around 69% of the participants in a new survey do not expect any real use cases for cryptocurrency even after it is permitted in Russia next month.
Approximately 52% of the respondents admit they are not using the digital asset now and don’t understand how its legalization will impact their lives.
Of the remaining half, 8% plan to spend crypto on purchases from abroad, 6% intend to use it for long-term investments and diversification of their savings, TASS detailed in a report on Tuesday.
Another 4% want to employ digital money in business activities and 13% envisage various other uses, the official news agency added, quoting the poll conducted by the Rambler&Co media holding.
The results of the recently carried out study are coming out after the State Duma, the lower house of Russian parliament, passed the bill “On Digital Currency and Digital Rights.”
To become law, the delayed legislation still needs the approval of the Federation Council, the upper house known as the Russian senate, as well as President Putin’s signature.
It represents Russia’s most comprehensive attempt so far to regulate its cryptocurrency market, which has been expanding amid sanctions imposed by the West over the invasion of Ukraine.
After skipping the original July 1 deadline, the main provisions of the package are now expected to enter into force on September 1, 2026, with additional texts scheduled to take effect in 2027.
They will regulate transactions related to investment and trading, including by licensing dedicated platforms for cryptocurrency exchange and storage, as reported by Cryptopolitan.
For the first time, ordinary Russians will be granted legal access to cryptocurrencies like Bitcoin, albeit limited to the most liquid coins and capped at less than $4,000 a year for non-qualified investors.
Long-awaited regulation may raise cryptocurrency awareness in Russia
Despite the serious restrictions, more than a fifth of the polled Russians (22%) are convinced it’s nevertheless better to regulate cryptocurrencies.
Around 20% say they have been anticipating the transition to a market with clear rules and 6% have become interested after the adoption of the “digital currency” bill.
Many of these respondents cite regulatory clarity and risk protection as the most important conditions for touching crypto rather than the accessibility of this financial instrument.
The survey also revealed that some 38% of Russian citizens would like to receive “honest information” about cryptocurrency without promises of quick profits, the Gazeta.ru portal noted in a post.
Almost as many, 36%, want to deal with unambiguous laws and regulations, while 16% expect the authorized platforms to be reliable and offering simple interfaces and user support.
As things currently stand, 54% admit they know almost nothing about how cryptocurrency works. 23% say they lack sufficient information to get the full picture and 17% know only the basics.
Just 6% have some prior experience with it and 39% hope the new legislation will simplify financial transactions in the digital-asset space.
If that happens, 15% are ready to regard crypto as a full-fledged alternative to traditional currencies, although direct coin payments will remain prohibited.
The poll has been conducted between July 23 and 30, right after the adoption of the new law, among more than 2,000 active internet users across the vast country.
According to another recent survey, the results of which were published at the end of July, 46% of Russians plan to use the digital ruble when it is launched.
The Bank of Russia is preparing to open its platform to the public also next month. The central bank digital currency will be introduced in several stages starting September 1.