14% of Russians Think Crypto Will Usurp Fiat in a Decade

A recent survey on cryptocurrencies and fiat in Russia, conducted by Otkritie Bank, one of the leading banks in the country, has revealed the position of the primarily Russian respondents who believe that digital assets like Bitcoin and others could replace fiat currencies within the next decade, Nord reports.

According to the survey, residents in the capital city, Moscow, believe that banks would reinvent themselves to fit into the ongoing digital revolution happening in the financial industry.

The survey, which had 1000 respondents spread across different parts of the country, also discovered that 39 percent of the respondents think that “it is impossible to give up cash because not everybody all over the world will be able to do without it.”

Notably, those in the Northwestern Federal District region of the country still have a strong belief in fiat currencies. Thirty-four percent of them “believe that cryptocurrencies cannot replace traditional currencies in anything.”

Presently in Russia, cryptocurrency is among the most popular investment vehicle. According to a survey published by World Gold Council, 17 percent of Russians believe that this asset class presents a viable means of investment for the populace.

This is notable considering the fact that regulations surrounding crypto usage in Russia have always drawn heated debates in the country.