A new investigation reveals the different positions of Russians on cryptocurrencies and fiat currencies. Specifically, some interviewees believe that digital assets will replace legal tender within ten years.

Residents of Moscow believe that cryptocurrency will replace Fiat, while others are skeptical

According to Nord News, the research was conducted by Otkritie Bank, a financial institution located in Moscow and one of the top ten banks in the country. The survey found that 14% of the 1,000 respondents surveyed have optimistic beliefs about digital currency and the future.

The bank collected responses from people aged 18-65 in major cities in Russia between April 12 and April 16. Although 8% of respondents in the northwestern region believe that crypto assets will expel legal tender within ten years, 21% of Russian residents Moscow disagrees.

In fact, in the Russian capital, four out of ten banks expect that with the continuous development and expansion of the cryptocurrency industry, banks will reinvent themselves as a “digital ecosystem.”

The survey showed that traditional ideas about legal tender still exist in the Northwest Federal District, because 34% of respondents “believe that cryptocurrency cannot replace traditional currencies for anything.”

In addition, the neutral stance comes from the entire Moscow region, where 46% of the residents surveyed believe that people should always have the opportunity to choose between using cryptocurrency or traditional currency.

However, 39% of the respondents believe that “it is impossible to give up cash, because not the whole world does not have cash.”

Despite the frustrating regulatory environment, crypto assets are still gaining investment in Russia

Overall, the survey is consistent with the survey recently released by the World Gold Council (WGC). As Bitcoin.com News reported in October 2020, cryptocurrency ranks fifth in Russia and is the most popular investment tool with a percentage rating of about 17%.

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The author of the WGC pointed out that although the regulations in the region are rather gloomy, Russia is still making cryptocurrency investments.

What do you think of this survey? Let us know in the comments section below.

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