A survey conducted revealed the different views of Russian citizens on cryptocurrencies. Some believe that cryptocurrencies within 10 years will replace the traditional fiat coins.


The survey was conducted by Otkritie Bank, one of the ten largest banks in the country based in Moscow. In general, 14% of respondents believe that cryptocurrencies within the next ten years will replace traditional currencies. On the north western regions of the country, this percentage drops to 8%, while 34% of the inhabitants of these regions do not believe that cryptocurrencies can replace any use of cash, but 50% believe that cryptocurrencies will exist and will be used as new specialised currencies. These are the lowest rates compared to the rest of the country.


In Moscow and the surrounding areas, 21% believe that cryptocurrencies will be introduced within a decade, while 46% believe that in any case, citizens will be free to use whatever kind of currency they want.


68% of the residents of the north western regions believe that in 10 years the banks will continue to provide the classic financial services they provide now, while 32% believe that they will be transformed into institutions of non-financial services. For reasons of comparison of trends, note that the corresponding percentages in Moscow and the surrounding areas are 38%, while in the North Caucasus only 25%.


However, 38% of respondents believe that it is completely impossible to give up cash as long as it does not apply worldwide.


The survey was conducted on April 12-16 on a sample of 1.000 Russian nationals, aged 18-65, living in cities with a population of more than 100.000.


The WGC (World Gold Council) authors noted that crypto investment is taking place in Russia, even though regulations are pretty grey in the region.