By Alicia Maher
According to a new poll, Russians have strong feelings about the newly proposed cryptocurrency transactions ban. A third of those polled say they approve the central bank’s idea, whereas an equal percentage reject it.
The Russian Central Bank’s Proposal to Ban Cryptos
Amid continuous debates about the fate of cryptocurrencies, the Russian Public Opinion Research Center released a new survey that assesses Russian citizens’ sentiments regarding cryptocurrencies and transactions. It occurs as officials aim to control the Russian cryptocurrency realm, despite regulators’ misgivings.
Based on the research, most Russians (64%) are aware of BTC, and 17% have a detailed understanding of cryptocurrencies, up 4 percent from a 2017 survey. The percentage of completely oblivious people has decreased by 11 percent to only 19 percent.
Over 17M Russians possess bitcoin wallets, based on a Russian Association of Cryptoeconomics, Artificial Intelligence, and Blockchain (RACIB) report. Anatoly Aksakov said in December that Russian citizens had invested 5T rubles (about $67B) in cryptocurrency.
Because of the rising popularity of cryptos, Moscow has been forced to control the sector. The Bank of Russia suggested a blanket ban on a variety of cryptocurrency operations, like the issuance, use, trade, and mining of currency like BTC, citing concerns to the country’s economic stability as well as dangers to its residents. Other organizations have spoken out against the ban, and the government is said to be working on a plan to control rather than ban cryptocurrency activities.
Russians Opinions on the Proposed Cryptocurrency Ban
According to a survey performed by Vtsiom, an equal number of cryptocurrency-aware Russians currently favor and disapprove of the central bank’s proposal (32% each). A comparable number of people, 33%, are unconcerned about the regulator’s effort to prohibit cryptocurrency-related transactions. Most of the youth, 54% of those aged 18 to 24, and half of those between 25 to 34 oppose the financial authorities. Individuals aged sixty and up would be on the other side of the scale, with just 15 percent opposing the ban.
Even though Russians’ yearly cryptocurrency exchanges total $5B, based on the Bank of Russia statistics, 81% of participants wouldn’t like to purchase bitcoin, compared to 16% who do. More than half of the people in the poll (56 percent) still believe BTC is a terrible investment, whereas one out of every 5 (22%) thinks it is a decent alternative.
Most Russians acquainted with BTC confess that neither they nor people they know have ever purchased the digital currency (74% ). A fifth of those asked said their family members or friends had acquired BTC (21 percent), and 4 percent said they had bought cryptocurrency themselves. Simultaneously, more Russians (38%) believe a cryptocurrency stockpile is more difficult to take, while only 27% say currency investments are secure.