New Russian Federation Study Claims Around 13% Of Residents Use Crypto-Assets For Online Purchases

Latest Study Claims Around 13% Of Russians Make Use Of Crypto-assets For Their Online Purchases

With each passing day, cryptocurrency use seems to be increasing around the globe. In this regard, it now appears as though Russia is leading the roost— with a recent study showing that more than 13% of the country’s population currently makes use of digital coins on a regular basis (for their online purchases).

Russians Prefer Cashless Transaction Mediums

Elaborating on the aforementioned study, it is worth noting that the poll took into consideration the opinions of more than 924 residents living within the Russian Federation. Of the lot, it was found that 13 percent of interviewed people preferred to use cryptocurrencies for facilitating their online payments and purchases.

While the number may not look all that big to the casual reader, it is worth remembering that the poll also covered a full range of “cashless payment methods”. Thus, for example, 18 percent of the interviewed personnel said that they were currently making use of “peer-to-peer mobile payment systems” while 38 percent of the interviewees said that they regularly deployed “contactless applications” like Paypass, Apple Pay, Android Pay and Samsung Pay for their daily payments.

Other statistics worth noting include:

• 48% of Russians claimed to have mobile bank accounts
• 56% prefer to make use of non-banking payment systems
• 76% of the Russian population currently possesses electronic wallets (which they use to buy their daily goods with).

What the above numbers seem to indicate is that with each passing day, more and more people are becoming better acquainted with digital payment alternatives.

Lastly, many of the respondents said that even though they make use of debit cards to facilitate their online transactions, they felt uneasy doing so since they did not trust “large banking conglomerates”.

Moscovites Are Adopting Crypto At A Rapid Pace

As many of our readers already know, cryptocurrencies are slowly becoming more and more appealing to people worldwide since they eliminate the need for a third party intermediary (thus providing customers with complete control over their money). Not only that, crypto transactions are also known to be much cheaper and streamlined when compared to regular fiat tx’s.

In another poll recently released by Russia’s largest electronic payment service Yandex Money, it was revealed that around 34% of people living in Moscow preferred to use cashless payment methods. Of this figure, around 63% of the people said that the only thing holding people from using crypto was a lack of knowledge.

Final Take

Even though altcoins have been steadily gaining popularity within Russia over the past couple of years, the industry at large has remained quite unregulated. With that being said, it is worth noting that three crypto related bills were introduced and approved on first reading in the lower house of Russia’s parliament earlier this year. However, a lot more work needs to be done if digital currencies are to enter the mainstream within the eastern powerhouse.