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21% of Muscovites believe crypto and digital currencies will replace fiat in ten years

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A new study from one of Russia’s top 10 banks, Otkritie Bank, has found that 14% of Russians believe crypto will replace fiat in 10 years.

According to the Russian publication Nord News, the survey was carried out between April 12 and 16, among a sample of 1,000 Russians between the ages of 18 and 65 living in cities with more than 100,000 inhabitants.

Results varied from region to region, with respondents in the Northwest having the least confidence in crypto – only 8% believe crypto will eliminate fiat in a decade, while 34% categorically refuse to believe that the crypto could replace fiat currencies in all use cases.

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But in Moscow, there appears to be more optimism about crypto, with 21% of respondents believing that cash will be replaced by crypto and digital currency over the next decade. In addition, four in ten believe that banks will transform into “digital ecosystems” in the future.

One of the key factors in moving Russia away from cash could be the emergence of the digital ruble. UKTN reported in March that the Bank of Russia expects a digital prototype of the digital ruble to be finalized by the end of 2021.

The Bank of Russia has announced that the CBDC will then begin pilot tests in 2022. A previous study conducted by Otkritie in January found that 47% of Russian residents are already ready to use the digital ruble.

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However, the latest poll also found that many Russians are pessimistic about the switch to digital finance, with 39% convinced that it is impossible to forgo cash as many other countries will not be able to function without it. It was also found that 46% of respondents believe that people should be given the option to choose whether they use crypto or cash.

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Some believe that Russian regulations prevent crypto from being more widely adopted. Earlier this month, a group of Russian lobbyists led by law firm Digital Rights Center launched the “Public Initiative of the Crypto Community in Russia” campaign.

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According to the pressure group, the laws in force in Russia, such as the ban on the use of crypto as a form of payment and the issuance of three years in prison for not declaring one’s holdings, are slowing “the development of the market. of distributed finance ”.

It appears, however, that Russian investors are doing their due diligence on tax matters, with UKTN reporting a significant increase in the number of Russians reporting their crypto income in recent months.