14% of Russians think cryptocurrencies will oust Fiat within 10 years – Economics Bitcoin News


A new investigation revealed Russians’ differing views on cryptocurrencies and fiat currency. Specifically, some respondents think digital assets will replace fiat in ten years.

Moscow residents believe cryptos will replace Fiat, while others are skeptical

According to Nord News, the survey 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 coming years.

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

In fact, four in ten in the Russian capital envision banks reinventing themselves in ‘digital ecosystems’ as the crypto industry continues to develop and expand its arms.

Traditional thinking about fiat still rests with the Northwestern Federal District as 34% of respondents “believe that cryptocurrencies have nowhere to replace traditional currencies,” the survey said.

In addition, a neutral stance emerged from across the Moscow region, where 46% of residents surveyed believe that people should always have the chance to choose whether to use cryptos or traditional money.

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

Crypto assets are gaining ground in Russia as an investment despite the bleak regulatory environment

Overall, the survey is consistent with the recent surveys published by the World Gold Council (WGC). As Bitcoin.com News reported in October 2020, cryptocurrency is listed as the fifth most popular investment vehicle in Russia at a rate of around 17%.

The WGC authors pointed out that there is investment in cryptocurrency in Russia, although regulations in the region are quite gray.

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

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