Cryptocurrency interest in Russia has been booming and the country is becoming a hot bed for adoption and innovation. All though earlier in the year Putin called for tighter regulations on the new crypto markets, he has expressed support on the young, growing technology, and has even met with Ethereum founder, Vitalik Buterin.
The Russian Financial Ministry has also been hatching out the details of creating a state-backed cryptocurrency called the CryptoRuble which has plans to launch in 2019.
According to a survey conducted by the crypto shopping platform Fatcats.market, more and more of Russia’s younger generation are turning to cryptocurrency for investments and as income.
In the survey, 382 cryptocurrency owners were questioned about their crypto habits.
The average age of the survey group is 27, with 10% being under the age of 18, and 93% of users being men.
55% of users hold and spend BTC, while 45% have more interest in altcoins like Ethereum.
Mining cryptos was more popular in the past but has dwindled a bit as only 14% of users are in involved and 11% saying they are cloud mining.
12% of users have stated cryptocurrency as their main source of income (freelance work, trading, selling items on marketplace, etc).
More than 90% of all users say they would prefer to use digital coins as a means of payment.
40% view Bitcoin as a good long-term investment, and plan on hodling with no plans to sell in the near future.
26% have said they have already made purchases with cryptocurrencies, with computers, smartphones, and similar tech goods being the most preferred items.
1% of the group believe cryptocurrency is a bubble that will burst.
80% of participants entered the crypto markets between 2016-2018, 20% in 2012-2015.
In other recent crypto Russia news, new ICO legislation has been proposed which stresses liquidation and formal registration for ICOs. The bill was introduced by The Russian Ministry of Communications and looks to provide protection and liquidity for investors. The bill states ICOs must register with the government and provide proof of at least a 100 million ruble budget. The bill also states it is the duty of the person issuing tokens to redeem the digital tokens at the nominal price from any bearer of the digital token on the basis of an irrevocable public offer.