14% of Russians believe that cryptocurrencies will oust Fiat in 10 years – Economics Bitcoin News

A new survey revealed the different attitudes of Russians towards cryptocurrencies and fiat currencies. In particular, some of the respondents believe that digital assets will replace Fiat in ten years.

Moscow residents believe cryptos will replace fiat while others are skeptical

According to Nord News, the investigation was conducted by Otkritie Bank, a Moscow-based financial institution and one of the ten largest banks in the country. It found that 14% of the 1,000 respondents were optimistic about digital currencies and the years to come.

Between April 12 and 16, the bank collected responses from people aged 18 to 65 in the largest cities in Russia. Although 8% of respondents from the Northwest region believe that crypto assets will displace fiat currency in ten years, 21% of Moscow residents think otherwise.

In fact, four out of ten in the Russian capital plan for banks to reinvent themselves in “digital ecosystems” as the crypto industry continues to develop and expand its weapons.

Traditional thinking about fiat still rests in northwestern federal district, with 34% of respondents “believing that cryptocurrencies cannot replace traditional currencies in anything,” the survey said.

In addition, a neutral stance came from across the Moscow region, where 46% of residents surveyed believe that people should always have the option to choose whether to use cryptos or traditional money.

However, 39% of respondents believe that “it is impossible to go without cash because the whole world cannot do without it”.

Crypto assets are gaining ground as an investment in Russia despite the dire regulatory environment

Overall, the survey is in line with the latest World Gold Council (WGC) publications. As Bitcoin.com News reported in October 2020, the cryptocurrency is the fifth most popular investment vehicle in Russia with a percentage rating of around 17%.

The WGC authors pointed out that crypto investments are being made in Russia, although the regulations in the region are quite gray.

What do you think of the poll? Let us know in the comments below.

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