The Russian city of Moscow has an estimated one percent of its population using cryptocurrencies. This is according to a new survey that was recently conducted by payment service platform Yandex.Money and the local information Technology Department (DIT). The study included a sample of 1,000 residents who live in Moscow, a city that currently holds around 12 million people.
The Findings Have Significant Implications
Even though one percent may seem to mean that Bitcoin and other cryptocurrencies may be unpopular with the Russian people, the findings have significant implications.
Ivann Buturlin, who leads the analytical section at the DIT said:
“Only 34% of [Moscow residents] try to use mostly non-cash payment methods. Of those who use them, 63% resort to non-cash transactions at least once a day.”
The survey also suggested how easily accessible cryptocurrencies like Bitcoin are in the city of Moscow. It also seems there is a good number of merchants that are willing to accept it.
Interestingly, 16 percent of those surveyed revealed that they use electronic money. Also, five percent of those that don’t already own cryptocurrencies have a desire to try out ‘such a payment method.’
The European nation is yet to establish the regulation for crypto exchanges and the entire crypto industry despite deliberating on it for months. Crypto transactions are not prohibited in the country, but they are not considered legal tender. As a result, residents cant exchange them for local currency, the Ruble.
However, this has not stopped a string of crypto exchanges and other digital asset operators setting up operations in the country in recent years. This is despite authorities going on record to claim that the ‘crypto craze’ seems to be fading away.
The survey offers an interesting contrast to a poll conducted in the UK at the start of this month by YouGov. The poll revealed considerable support for cryptocurrencies like bitcoin among the respondents. According to the study, there is a large number of people who know someone that owns cryptocurrency. Also, 9 percent of the respondents admit to owning some crypto themselves.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.