In Russia, cryptocurrencies are becoming increasingly utilized, as confirmed by a prominent Moscow scientist. Evgeny Kogan, a professor of economic sciences at the National Research University Higher School of Economics, stated in an interview with Coinspot media that interest in digital currencies in the country has significantly increased in recent years.
Crypto in Russia: Increasing Adoption
According to Kogan, the number of people in Russia using Bitcoin and other cryptocurrencies for their transactions is on the rise. "Cryptocurrencies are slowly but surely becoming an integral part of our daily lives, with some individuals already preferring them as their method of payment," Kogan noted.
Despite the growing interest in cryptocurrencies, the majority of the population remains skeptical, viewing them as potentially risky or associated with financial frauds, especially pyramid schemes.
Recent findings from the central bank reveal that most financial frauds uncovered last year were related to cryptocurrencies. Kogan pointed out that only a small fraction of the Russian population, less than 1%, actively uses digital tokens, and only 3% are familiar with blockchain technology.
The Higher School of Economics is increasingly focusing on the study of cryptocurrencies and regulation in this sector. It recently introduced a study proposing a solution to the problem of increased energy load caused by cryptocurrency mining, particularly in Siberia, where they suggest periodically disconnecting miners from the electrical grid.
Cryptocurrency Regulation in Russia: A Long Road Ahead?
Although cryptocurrencies are gaining popularity in Russia, regulation of this sector is still in its infancy. The government estimates that up to 10% of Russians now own some form of cryptocurrency, partly as a result of Western sanctions complicating traditional financial transactions.
The eastern regions of the country have become a significant player in the cryptocurrency mining industry, taking advantage of low electricity costs and cold climate conditions. Additionally, some companies are using cryptocurrencies as an alternative means of payment outside traditional banking systems, such as outside the SWIFT network.
Despite promises from politicians to expedite the legislative process concerning cryptocurrencies, there has yet to be any voting on specific bill proposals that would regulate this sector.
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