According to a new survey, crypto is gaining popularity among Russian investors, replacing traditional investment products such as gold. They subsequently see digital financial assets as an investment tool rather than a “hype product”.
The Association of Forex Dealers (AFD), a local self-regulatory group focused on the Russian foreign exchange market, surveyed 502 Russian investors to understand what cryptocurrencies look like. The survey, conducted within a span from August 4 to August 24, 2021, was published on August 31.
77% of those surveyed said cryptocurrencies such as Bitcoin, Ether (ETH), and Litcoin (LTC) are the most sophisticated investments. Only 8.8% of respondents indicated that gold was the best investment, while 14% preferred investments in well-known national currencies.
Furthermore, only 23% of respondents did not use digital currencies. More than 77% of those surveyed said they plan to invest in crypto in the near future, but only 7.6% strongly opposed the idea of investing in cryptocurrencies.
The remaining 15% were still not sure of their decision whether to invest in cryptocurrency.
According to Evgeny Masharov, CEO of AFD, Russian investors are now looking at digital financial assets as an investment rather than a “hype product.”
Although Russian investors are increasingly betting on cryptocurrencies, the country’s central bank is taking a tough stance on the issue.
Even more, the Governor of Bank of Russia Elvira Nabiullina in June described cryptocurrency as the riskiest investment tool currently available.
Although the Russian Central Bank is skeptical about private cryptocurrencies, the Central Bank of Russia is set to launch a test in 2022, now focusing on building the digital ruble, the digital currency enterprise.
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