Survey: 1% Of Moscow Residents Are Using Cryptocurrencies

by | Nov 20, 2018 | Cryptocurrency, Cryptocurrency News

Survey | Moscow | cryptocurrency Adoption | Russia

A new research conducted by payment service platform Yandex.Money and the local information Technology Department (DIT) in Moscow illustrate that an estimated one percent of its population using cryptocurrencies. Currently, the Russian holds around 12 million people, the study was done with a sample of 1,000 residents living in the city.

While some might argue that 1% is not a significant number, implying that cryptocurrencies may be unpopular with the Russian people. Ivann Buturlin, who leads the analytical section at the DIT, differs over the significance of the finding as he said:

“Only 34% of [Moscow residents] try to use mostly non-cash payment methods. Of those who use them, 63% resort to non-cash transactions at least once a day.”

Survey also went on to suggest that cryptocurrencies like Bitcoin are easily accessible in Moscow and a good number of merchants are willing to accept it. Notably, 16% of participants use electronic money and 5% of those that don’t already own cryptocurrencies have a desire to try out ‘such a payment method.’

Similar to many economies around the world, Moscow is still pondering the regulations to be applied to the digital assets. While Crypto transactions are not prohibited in the country, they are also not considered legal tender. Thus, the residents can’t exchange them for local currency, the Ruble.

This survey offers an interesting contrast to the poll conducted by the German Consumer Centers of Hesse and Saxony, that suggests younger Germans are inclined towards cryptocurrencies. Another survey recently conducted by Ron Paul on Twitter suggested that most investors would choose Bitcoin for a long-term investment.

Read more: 29% Of South Africans Owns Cryptocurrency, Says A Research By Luno Bitcoin Exchange

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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