Number of Bitcoin Ban Supporters Decreases in Russia

News and Analysis

According to a nationwide survey by NAFI Center for Analytics, over the course of the last 12 months the percentage of Russians believing that bitcoin should be banned has dropped down to 20 per cent, with 34 per cent speaking in favor of the cryptocurrency.

Those supporting bitcoin ban are generally older than 55 years of age or those who don’t usually use the internet. However, over the past year this number has halved: back in 2015, the idea of banning cryptocurrency garnered support of 40 per cent of the respondents.

Nearly one third of those surveyed (34 per cent) believe that bitcoin should not be banned, with almost a half of the survey’s respondents unsure as to what awaits bitcoin in Russia.

The corresponding report stresses that over the 12 months, the percentage of Russians aware of cryptocurrency has grown by 18 per cent (from 20 to 38 per cent). In average, males are more informed than females (48% vs 29% respectively). Forty-three per cent of local internet users are aware of cryptocurrency (versus 9% of those keeping away from the worldwide web).

“Presently, cryptocurrency’s public image has improved. However, has there been a qualitative breakthrough in attitude towards bitcoins? Nay, most of our compatriots haven’t heard a thing about it. Maybe, if they discuss what to do with bitcoin at the top level, the situation could change. We’ll just have to wait in order to find out,” says Sergei Antonian, the Head of Fintech at NAFI.

Recently, Russia’s ministry of finance has halted its development of a bill that would have banned bitcoin and other cryptocurrencies in Russia. The department stated that it would have to ‘analyze the state of affairs on international markets’ prior to deciding on what to do with the bill.

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