Nearly seven in ten Russians say they see no practical use for cryptocurrencies, highlighting the challenge facing policymakers as the country rolls out one of its most comprehensive digital asset regulatory frameworks to date.
According to a new nationwide survey conducted by the Russian Public Opinion Research Center (VTsIOM), 69% of respondents said they do not see any practical use cases for cryptocurrencies, despite recent legislative efforts to bring digital assets into the legal economy. The findings suggest that regulatory clarity alone may not be enough to drive mainstream adoption among Russian consumers.
Russia has spent the past two years steadily formalizing its approach to digital assets. Cryptocurrency mining was legalized in 2024, while new legislation adopted in 2026 establishes a regulated framework for cryptocurrency trading through licensed intermediaries. Under the law, digital currencies are recognized as property and may be legally traded under specified conditions, although they remain prohibited as a means of payment for domestic transactions. Most provisions are scheduled to take effect on September 1, 2026, with additional licensing requirements for intermediaries beginning in July 2027.
The survey indicates that many Russians continue to associate cryptocurrencies primarily with speculation rather than everyday financial utility. Respondents cited uncertainty over practical applications, high volatility and limited understanding of the technology as key reasons for their skepticism.
Awareness Has Increased, Adoption Has Not
Earlier VTsIOM research found that cryptocurrency awareness among Russians exceeds 80%, yet actual ownership remains relatively low. Even among respondents familiar with Bitcoin, many continue to regard it as a risky investment rather than a useful financial instrument.
Russia’s central bank has consistently taken a conservative stance toward cryptocurrencies, favoring strict regulation while simultaneously promoting the digital ruble, its central bank digital currency (CBDC). Separate surveys have also shown lukewarm public interest in the digital ruble, with many respondents saying they see few advantages compared with existing electronic payment methods.
At the same time, official estimates suggest cryptocurrency activity remains substantial despite public skepticism. Russian authorities estimate that citizens conduct tens of billions of rubles’ worth of crypto transactions each day, while blockchain analytics indicate Russia remains among the world’s largest cryptocurrency markets by trading activity and mining capacity.
Regulation Alone May Not Drive Adoption
Supporters of the new regulatory framework argue that clearer rules will encourage institutional participation, improve consumer protection and facilitate cross-border trade, particularly as cryptocurrencies play a growing role in international settlements amid Western sanctions.
However, the survey indicates that those policy objectives have yet to translate into broader public enthusiasm. For many Russians, cryptocurrencies remain perceived primarily as speculative assets rather than tools for payments, savings or everyday finance.
Industry participants argue that adoption could increase as regulated exchanges launch, institutional custody becomes available and tokenized financial products enter the market. Others believe widespread usage will depend less on legal recognition and more on whether cryptocurrencies offer clear advantages over existing banking and payment systems.
For now, the VTsIOM survey suggests legalization has not fundamentally changed public sentiment. While Russia continues building one of the world’s more comprehensive regulatory frameworks for digital assets, a significant majority of its population remains unconvinced that cryptocurrencies have a meaningful role in their daily financial lives.