Widespread Awareness and Desire for Crypto Wallets
A significant majority of Russians are familiar with cryptocurrency, with nearly half expressing a desire to own a digital wallet. This finding suggests a strong inclination among Russian citizens towards the legalization of the digital asset market, according to a recent survey conducted by Russia's largest bank.
The poll, carried out by Sber Analytics, the research division of Sberbank, revealed that 83% of respondents are acquainted with the term "cryptocurrency." Anatoly Popov, deputy chairman of Sberbank's management board, highlighted these results at an event focused on artificial intelligence and blockchain technology.
The research shows that the current legalization of the Russian crypto market meets Russians’ demand for clear and secure crypto-based solutions.
Popov's remarks were in reference to ongoing initiatives by Russian financial authorities to establish comprehensive regulations for crypto transactions and investments, moving beyond the current experimental legal framework.
Addressing attendees at the Sberbank-hosted international conference "FI Day. AI & Blockchain," Popov further elaborated on the survey's findings:
43% of the respondents familiar with cryptocurrency would like to have a secure, convenient, and legal Russian crypto wallet.
The survey indicated that approximately 33% of respondents plan to set up a crypto wallet soon. Additionally, 24% currently own a cryptocurrency wallet, though only 5% reported using it regularly. Regarding investment, around 19% of all participants have already purchased cryptocurrency, and 41% expressed interest in doing so. Those who have not yet invested cited ambiguous laws and a lack of funds as primary deterrents.
Popov emphasized that Russian citizens desire to engage with digital assets under clear regulatory guidelines, which he stated is the primary driver behind Sberbank's development of products in this sector. He noted that Sberbank already provides access to the crypto market through regulated instruments that do not involve direct asset ownership, allowing investments in cryptocurrency baskets like BTC and ETH, as well as individual digital currencies, within the legal framework. The bank's objective is to translate this technological potential into trusted everyday services for users.
Central Bank's Stance on Crypto Regulation Remains a Key Question
The Central Bank of Russia (CBR) permitted financial firms to introduce crypto derivatives to the domestic market in May. Sberbank was among the first institutions, along with the Moscow Exchange, to offer such products. Currently, most available offerings track the performance of foreign crypto funds and indices. However, the CBR has indicated its intention to allow the issuance of derivatives directly linked to digital currencies.
While the central bank also appears open to legalizing crypto investments generally, despite prior opposition, it is likely to maintain a degree of restriction on access. This approach, as suggested by one of its senior executives, may temporarily exclude retail investors from the market.
In response to recent statements from the CBR, Anatoly Popov informed the business news portal RBC that Sberbank maintains continuous communication with regulatory bodies. This collaboration aims to ensure that new services being developed will offer robust investor protection and uphold financial stability.
The Sber Analytics study also shed light on the primary uses of cryptocurrency in Russia. The most common application is for storing value, cited by 33% of respondents. Furthermore, 9% of participants reported using cryptocurrency for payments, and 7% for international transfers.
The survey, which included 1,295 Russian participants, revealed that over half (52%) remain cautious about cryptocurrency, and 56% consider government regulation to be important. Younger individuals demonstrated a greater openness to decentralized digital money compared to those over 45, who expressed the most significant concerns regarding fraud and volatility.