Survey: 14% of Russians Think Cryptocurrencies Will Oust Fiat in 10 Years

A new survey revealed the different stances of Russians toward cryptocurrencies and fiat currency. Specifically, some of the respondents believe digital assets will replace fiat in ten years.

Residents in Moscow Believe Cryptos Will Replace Fiat, While Others Are Skeptical

According to Nord News, the research was conducted by Otkritie Bank, a Moscow-based financial institution and one of the top ten banks in the country. It found that 14% of the 1,000 surveyed had an optimistic belief in digital currencies and the future years ahead.

The bank collected responses from people aged 18-65 across the largest cities in Russia between April 12 and April 16. Although 8% of the respondents from the Northwest region think crypto assets will oust fiat currency in ten years, 21% of the residents in Moscow believe otherwise.

In fact, four out of ten in the Russian capital city foresee banks reinventing themselves into “digital ecosystems,” as the crypto industry keeps developing and extending its arms.

The traditional thinking on fiat still lies among the Northwestern Federal District, as 34% of the respondents “believe that cryptocurrencies cannot replace traditional currencies in anything,” stated the survey.

Furthermore, a neutral stance came from the whole Moscow region, where 46% of the surveyed residents believe that people should always have the chance to pick on whether using cryptos or traditional money.

However, 39% of the respondents think that “it is impossible to give up cash because not all over the world will be able to do without it.”

Crypto Assets Gain Ground in Russia as an Investment Despite the Gloomy Regulatory Environment

Overall, the survey goes in line with the recent ones published by the World Gold Council (WGC). As Bitcoin.com News reported in October 2020, cryptocurrency is listed in Russia as the fifth-most popular investment vehicle with a percentage rating of around 17%.

The WGC authors pointed out that crypto investment is taking place in Russia even though regulations are pretty gray in the region.