74% of Russians Have Heard About Bitcoin and Cryptocurrencies, Survey Shows

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A recently conducted survey has shown that while most in Russia have heard about cryptocurrencies, only 2% claimed to have already invested in the cryptocurrency ecosystem. Some, on the other hand, believe these were illegal in the country.

The survey, conducted by the state-owned Russian public Opinion Research Center (VTsIOM), interviewed 1,600 Russians aged 18 via telephone earlier this month, and found 56% of respondents know about bitcoin, while 18% claimed to have heard of the term.

Notably, only about 9% of respondents revealed they had detailed knowledge about cryptocurrencies. About 37% of those who heard about bitcoin noted they are sure anyone can buy cryptocurrencies, while 12% believe they are banned in Russia.

Currently, cryptocurrencies are unregulated in the country. Younger generations showed a higher level of awareness when it comes to cryptocurrencies, as 67% of 18 to 24 year-olds revealed they’re aware of them. Only 2% of these actually bought crypto.

Although the Russian public has shown it hasn’t been too directly invested in the cryptocurrency space, the country’s government has been increasingly focusing on it. As covered, its Prime Minister Dmitry Medvedev noted the space was “still interesting” despite last year’s bear market.

In February, Russia’s former Energy Minister, Igor Yusufov, reportedly proposed the development of an oil-backed cryptocurrency to the State Duma. Reports have also suggested the country is looking to use bitcoin to bypass sanctions.

Notably, Russian social media giant Vkontakte (VK) has reportedly launched a “mineable” virtual currency its users can earn on its platforms, although it’s unclear whether the currency is blockchain-based.

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