Russians divided over crypto ban

TL; DR Breakdown

• Russians divided over crypto ban
• More Russians are learning about crypto
• Russians trade $5 billion in crypto annually

Russia has been the center of so much news regarding the crypto sector in the last few days. The country and its high-ranking officials have been mulling a way to go regarding the use and holding of digital assets. While that is still in motion with no headway anytime soon, a recent survey has shown that Russians are divided over their government’s approach. Going by the recent publication of the Public Opinion Center of Russia, a new study has shown what the citizens think about the impending ban.

More Russians are learning about crypto

The research was carried out off the back of several government officials arguing against the central bank of Russia’s choice of banning the digital assets. In the survey that was carried out, 64% of the weighted population has heard about Bitcoin in one way or another. The survey also mentioned that 17% are well versed in digital assets.

This latest result is an upgrade from a previous survey carried out in 2017, where the results were four times below the present results. However, the total number of participants who have not heard of the digital asset has taken a beating by 11% to about 19%. In a recent statement by the Association of cryptoeconomics of Russia, more than 17 million citizens hold digital wallets. Another announcement also places the amount invested in digital assets around $67 billion across Russia.

Russians trade $5 billion in crypto annually

While the digital asset space has grown massively over the years, Moscow has earmarked it for regulation. Presently, the central bank in the country has placed a blanket ban on crypto activities across Russia. This has pushed many analysts and traders to show their displeasure with the bank, noting that it could develop a regulation in the coming weeks.

The figure of participants who accept and reject the banks move stands at 32% apiece. However, 33% of the participating population are not concerned with what happens. Even though Russia boasts of an annual figure of $5 billion in crypto transactions, more than 80% of the participants say they do not intend to buy crypto. Looking at how good an investment assets are, the participants were not far apart, with 56% saying it is bad. 22% of the respondents think it is a good option of investment.