MOSCOW, 26 January 2022. Russian Public Opinion Research Center (VCIOM) presents the findings of a study on the Russian attitudes to cryptocurrency operations.

 Russians are somewhat familiar with bitcoins (64%); 17 are well aware (+4 p.p.; 13% in 2017); 19% heard about bitcoins for the first time. The percentage of those who have not heard about bitcoins has decreased by 11 p.p. over the recent five years (30% in 2017).

Half of those who are familiar with cryptocurrencies believe anyone can buy them (42%); a quarter think that cryptocurrencies are available only to a limited circle of people (24%); 15% consider that buying bitcoins is banned in Russia.

Most of Russians would not like to buy bitcoins (81%); 16% would like to buy them. More than half of respondents say that bitcoins are a bad investment (56%); 22% have the opposite opinion. Russians agree that bitcoins are well protected and it is harder to steal them than ordinary money (38%); 27% of respondents disagree with this stance.

Most of those who are familiar bitcoins say that neither they nor their relatives have bought cryptocurrencies (74%); 21% say that their friends or relatives have bought bitcoins (21%); 4% of Russians have personally bought bitcoins.

Attitudes to the ban on cryptocurrencies in Russia

Russians are equally split in their opinions on the proposal of the Russia’s central bank to ban crypto mining: equal percentages of respondents have negative and positive views (32%, each); 32% remain indifferent.

Young respondents aged 18-34 familiar with cryptocurrencies are more likely to view the ban negatively (54% of the 18-24 year-olds; 50% of the 25-34 year-olds). Russians aged 35-44 familiar with cryptocurrencies are more likely to be indifferent to the Central bank’s proposal to ban crypto transactions (39%); 35% tend to have negative views; 25%, positive views. Respondents aged 45-59 who are aware of cryptocurrencies are more likely to view positively the idea to ban crypto mining (36%); 35% remain indifferent; 24% view it negatively. Half of Russians aged 60+ who are familiar with cryptocurrency support the ban (53%); one-third of them are indifferent (29%); 15% have negative views.

Russian nationwide VCIOM-Sputnik survey was conducted January 22, 2022. A total of 1,600 of Russians aged 18 and older took part in the survey. Results are based on telephone interviews. Stratified dual-frame random sample based on a complete list of Russian landline and mobile phone numbers was used. The data were weighted according to selection probability and social and demographic characteristics. The margin of error at a 95% confidence level does not exceed 2.5%. In addition to sampling error, minor changes to the wording of questions and different circumstances arising during the fieldwork can introduce bias into the survey.