Just 13% of Russians understand cryptocurrency

Nearly half of Russians have heard of cryptocurrencies, according to a new survey, but only 13 per cent believe they have a good understanding of the technology.

Research conducted by Russian firm Romir – a representative of the Gallup International Association in Russia – reveals that the country’s residents are learning about crypto, with many intending to get involved in the industry.

However, with 56 per cent of respondants still unaware of what cryptocurrencies are, there is clearly room for improvement. It was also discovered that lower income individuals were actually more likely to know about crypto.

Andrew Milekhin, president of Romir and doctor of sociology, said (loosely translated):  “The study clearly demonstrates that cryptocurrency has not yet become a significant financial tool. Moreover, the Russian society, which was repeatedly burned in various schemes of rapid enrichment, demonstrates in this case a healthy skepticism.”

Russia has indeed been cautious around crypto, introducing strict ICO regulations back in April that guaranteed investors the chance to sell back tokens.

On the other hand, blockchain – the technology behind cryptocurrencies – was used by a polling research centre during the March 2018 presidential elections.

“Thanks to blockchain we can enhance the level of data protection from cyber-attacks several fold, avoid weak points while transferring information, and guarantee the integrity and immutability of data,” said Valery Fyodorov, the Public Opinion Research Centre’s general director.