Saturday, July 20, 2019

There are 120,000 Active Bitcoin Users in Moscow- Yandex Survey

According to a new survey by Yandex, the internet related products Russian Multinational Corporation, about 120,000 of the total 12 million population of Moscow actively use cryptocurrency.

The study was a project jointly handled by local Information Technology Department and payments service Yandex.Money. It oversaw a sample of about a thousand inhabitants in Moscow, whose population is around the 12 million mark. In another study this year, about 44% of all Russians, however, have heard about cryptocurrency.

The Use of Cryptocurrency in the Russian Capital

The one percent usage of Bitcoin might seem insignificant, but for the general view towards digital currency in Russia, the consequences are momentous. Cryptocurrency and its exchange regulations have not been evident in Russian law, in spite of the fact that it should already have been. A Russian arbitration court of appeal, however, earlier this year, recognized cryptocurrency as property that can be owned and transferred legally.

It is still unclear if the use of Bitcoin in Russia is entirely legal, but its adoption by some inhabitants in Moscow suggests the fact that one can easily access cryptocurrency in the nation, and there is good liquidity in the Russian Bitcoin market with people willing to buy and sell.

The survey further revealed that at least 16 percent had used cryptocurrency at least once before. About 5 percent of those surveyed who do not own any cryptocurrency yet would definitely like to try out using cryptocurrency to pay for commodities and services.

Russia’s Stance on Cryptocurrency

In spite of the ambiguity in the atmosphere surrounding the adoption of Bitcoin in Russia, there has been an increase in the number of online traders in Russia in recent years despite claims by the authorities that the cryptocurrency enthusiasm that once swept the world has passed away.

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The results of the Yandex survey is in contrast with a different study made in the UK by YouGov. The YouGov survey made revealed that there is and will be support for Bitcoin in the future among its residents.

The YouGov survey exposed that a lot of people ‘knew’ someone who owned cryptocurrency, and up to 9 percent of some age ranges owned cryptocurrency. The U.K. government, just like Russia have been slow to realize the benefits and importance of digital currency for investment and trading.

russian flag

Worthy of note is the fact that the Russian President, Vladimir Putin, has addressed cryptocurrency publicly sometime during the middle of this year, making several ambiguous but negative statements on the question of Russia issuing its own cryptocurrency during an annual question and answer live session with the Russian public. There was, however, news earlier this year hinting the legalization of cryptocurrency markets in Russia earlier in the year.

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