69% of Russians See No Personal Benefit in Crypto

A significant majority of Russians see no personal benefit in using cryptocurrency despite the country's recent legalization of a regulated digital asset market, according to a new survey. The findings, released as President Vladimir Putin signed the new federal law on August 4, highlight a substantial gap between the establishment of a formal legal framework and public understanding and acceptance.

The survey, conducted by the media and technology company RamblerCo from July 23 to July 30 among more than 2,000 internet users, found that 69% of respondents could not identify a practical use case for cryptocurrency for themselves. More than half, 54%, admitted they know almost nothing about how digital currencies work, while only 6% described themselves as knowledgeable users with direct experience. Furthermore, 52% of those surveyed do not currently use crypto and said they could not determine how the new law would affect their lives.

The new legal framework, titled "On Digital Currencies and Digital Rights," creates a regulated system for cryptocurrency trading, custody services, and specific international settlement activities, recognizing digital currencies as property. Its...