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Survey: only 44% of Russians are aware of cryptocurrencies

According to the survey conducted by “Romir” company, every third Russian resident is aware of cryptocurrencies, RIA Novosti agency reports.

The poll was aimed at finding out the degree of importance and commonness of cryptocurrency-related issues in Russia. The participants in the survey were 1 500 Russian citizens aged 18 or over from various regions of Russia.

“The poll revealed that despite the increased attention paid to this sphere by a number of sources, less than a half of Russians (44%) have at least some idea of what cryptocurrencies are. At the same time, the majority of those polled (56%) admitted they have absolutely no clue of the subject,” – the survey reads.

31% of the Russian population have some vague ideas of what cryptocurrencies are about and how they work. Nevertheless, the majority of informed respondents have no clear understanding of digital financial assets.

“The positive answers were, most frequently, heard from the representatives of low-income (less than $160 per month) groups (38%). Interestingly enough, that the percentage of those possessing some knowledge in cryptocurrencies among the high-income (more than $400 per month) group turned out to be even lower than average: just 26%,” – the document specifies.

The principles underlying digital currencies are clearly understood by about 13% of those polled, as the survey results indicate. Most of these are young people aged 18-24 (27%) and 25-31 (21%). There are twice as many men aware of cryptocurrencies than women (18% and 9% respectively).

The poll demonstrated, that only few of these are willing to invest in crypto assets.

“87% are not planning to buy cryptocurrencies. Only 11% wouldn’t mind investing into this new type of assets. Only 2% of the survey participants stated that they actually have some cryptocurrency in their possession. The percentages being taken into account, the conclusion is that the number of cryptocurrency owners can be estimated within the range of statistical uncertainty,” – it is said in the follow-up to the survey.

The majority of Russian investors in cryptocurrency (76%) said that they were buying in crypto with the purpose of profit making. It is noteworthy, that half of them noted that they managed to accomplish their financial goals.

Another 24% of those polled were buying cryptocurrencies not just for profit, but also to “be in fashion”. About 16% of respondents said they were buying cryptocurrencies to pay for goods and services in crypto, whereas 15% of them invested in cryptocurrency due to the media hype associated with the issue.

Bitcoins and ethers turned out to be the two most popular coins among Russians, bitcoins being bought five times more often than ethers.

“The survey demonstrates it clearly that cryptocurrencies are yet to become a financial tool of some significance in Russia. Moreover, having burned its fingers repeatedly with various get-rich-quick schemes in the past, the Russian society, regards cryptocurrencies with healthy skepticism,” – Andrei Milyokhin, the President of “Romir” polling holding concludes.

It should also be noted, that the legal status of cryptocurrencies, ICOs, mining and crowdfunding in Russia still remains uncertain. Russian State Duma postponed the adoption of the related regulatory framework till September 2018.

As reported back in spring, many Russians considered cryptocurrencies as a viable gift option for the Women’s Day.