More Russians are Embracing Cryptocurrency, Says Academic
A Moscow-based academic, Evgeny Kogan, claims that the use of cryptocurrency in Russia has significantly increased in recent years. According to Kogan, there is a growing interest in cryptocurrencies and more citizens are making transactions with Bitcoin and other tokens. However, he also acknowledges that many people still view cryptocurrencies as tools used by financial pyramid operators. Despite this surge in interest, Kogan reveals that less than 1% of Russians currently use digital tokens and only 3% are familiar with the blockchain industry.
Russia’s Crypto Regulation Remains Inadequate
Although the popularity of cryptocurrencies has risen in Russia, the country still lacks comprehensive crypto regulation. The government estimates that up to 10% of citizens may now hold crypto assets. Sanctions imposed on Russia’s financial system have contributed to the increased adoption of cryptocurrencies in the country. Furthermore, Russia’s eastern regions have become prominent players in the global crypto mining industry due to low electricity costs and cold temperatures. Some businesses are also using crypto for settlements as an alternative to SWIFT.
Hot Take: Russian Crypto Adoption on the Rise
The use of cryptocurrency is gaining momentum in Russia, with more individuals embracing digital tokens for transactions and payments. While there is still a level of distrust towards cryptocurrencies, their growing popularity indicates a shift in attitudes towards decentralized finance. However, it is important for Russia to establish comprehensive regulations to protect investors and ensure the sustainable growth of the crypto industry. With its abundant resources for crypto mining and potential for innovation, Russia has the opportunity to become a major player in the global crypto market.
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