Russia’s cryptocurrency adoption has not beein going at a fast pace due to maximum amount of Russians never buying cryptocurrency, on the basis of a survey, according to Cointelegraph. Switzerland-based cryptocurrency wallet provider Tangem conducted a survey to make analysis on Russian cryptocurrency investors, as said by local news agency Kommersant.

As stated by Cointelegraph, around 72% of 2,100 respondents, based on the survey, claimed about never buying cryptocurrencies such as Bitcoin (BTC), which has left Russian cryptocurrency miners in a minority. Around nine percent of survey participants denoted that they carried a negative outlook towards cryptocurrencies, 45% of the respondents said about carrying a positive outlook towards digital currencies and 46% remained neutral. The survey stated that 44% of respondents choose to invest in cryptocurrencies because of its ability to make earnings. On the other hand, 68% of respondents gave the reason for not investing in cryptocurrencies due to its absence of physical backing.

On the basis of information by Cointelegraph, despite maximum amount of Russians being introduced to cryptocurrency investments, many are considering it as a potential investment. While 31% of respondents indicated about buying cryptocurrency in the upcoming six months, 40% claimed about remaining uncertain regarding the investment scenario. Around 30% of respondents didn’t give any indication about buying cryptocurrencies. Tangem’s data mentioned that close to six percent of respondents were found to have good knowledge about cryptocurrencies, and 80% were only familiar with the term.

Moreover, Cointelegraph noted that estimations by Sergey Mendeleev, CEO, InDeFi stated that number of active and passive cryptocurrency Russian users currently stand at less than one precent out of the total 144.4 million population. Certain experts believe that Russians have been switching to cryptocurrency due to foreign currency restrictions by Bank of Russia. Earlier this year, Kremlin reported that Russians owned close to $200 billion worth of cryptocurrency by late 2021.

(With insights from Cointelegraph)