14% in Russia believe crypto will oust fiat in a decade

A new survey has revealed the belief people in Russia have for crypto. A handful of respondents even believe that these digital assets will replace flat in ten years from now.

As revealed in Nord News, this research was conducted by Otkritie Bank, which is a financial institution based in Moscow, and one of the top ten banks in the country.

For this survey, the bank collected responses from people aged 18-65 across the largest cities in Russia between April 12 and April 16. Out of the 1,000 surveyed, some 14% had an optimistic belief in the digital currencies and the future years ahead.

A regional breakdown reveals that only 8% of the respondents from the Northwest region think that crypto assets will oust fiat currencies within a decade, while 21% of Moscow residents hold this view.

The traditional thinking on fiat still lies among the Northwestern Federal District, as 34% of the respondents believe that cryptocurrencies cannot replace traditional currencies in anything. While 46% of those surveyed in the whole Moscow region believe that the choice should lie with people.

As in, people should always have a chance to pick whether to use crypto or traditional money.

Four out of ten in the Russian capital city foresee banks reinventing themselves into digital ecosystems, as the crypto industry keeps developing and extending its arms.

However, 39% of the respondents think that it is impossible to give up cash, because not everyone all over the world will be able to do without it. In that sense, fiat currencies will be here for a long time, even accounting for the ascent of crypto.

Overall, this little survey goes in line with the recent one published in October 2020.

That one was from the World Gold Council (WGC) that listed cryptocurrency as the fifth most popular investment vehicle with a percentage rating of around 17%.

These numbers will climb.