According to a survey by “All-Russian Center for the Study of Public Opinion, or VCIOM,” – more than 56% of Russians already heard of Bitcoin.
The survey showed that 75% of Russians aged 18 to 24 have learned of Bitcoin. Also – 74% of Moscow’s population knows of the cryptocurrency. Unfortunately over 16% of those aware of Bitcoin’s existence, still believes that it is illegal in Russia.
But is it legal?
After months of teasing, the Russian authorities agreed to legalise cryptocurrencies and regulate the market by licensing exchanges last October. Vladimir Putin, the Russian president, has ordered the government to complete the regulations for cryptocurrency trading, ICOs and mining, by July 2018.
Putin has also requested the government to regulate mining industry. Many mining centres had relocated to Russia in search of cheap resources – mainly electricity.
Proper regulations will likely lead to an increase in interest and overall adoption of cryptocurrencies in Russia. Will Russia eventually compete with cryptocurrency giants, like the US, Japan or South Korea?