Why 69% of Russians See No Practical Use for Crypto

Russia legalizes crypto — but most citizens don’t see a use

Nearly seven in ten Russians surveyed said they could not identify a practical reason to use cryptocurrencies even as Moscow sets up a regulated market for digital assets.

69% of surveyed Russians saw no practical cryptocurrency use cases despite the country’s legal framework. 54% said they knew almost nothing about cryptocurrencies, while only 6% reported direct practical experience.

Russia’s signed law preserves the domestic payments ban while licensing exchanges, brokers, custodians, and depositories.

New rules begin September 1, with licensed intermediary requirements becoming mandatory from July 2027 onward. 38% wanted honest information without quick-profit promises, showing trust matters more than simple access alone.

A Rambler&Co survey published by TASS on Aug. 4 found that 69% of respondents saw no personal use case for crypto following legalization. Only 8% mentioned paying for foreign purchases, while 6% selected long-term investment and savings diversification. Another 4% cited business transfers and transactions.

The findings arrived as President Vladimir Putin signed Russia’s new federal law On Digital Currencies and Digital Rights on Aug. 4. The law creates regulated channels for trading, custody and foreign trade settlement, but it does not allow consumers to pay for ordinary goods and services with crypto inside Russia. 69% of Russians See No Use Cases for Crypto Even After Legalization

Survey snapshot: low awareness, limited direct experience

The Rambler&Co poll — run on the company’s websites from July 23–30 and cited by TASS — surveyed more than 2,000 internet users. The published summary did not include demographic weighting or a margin of error, so results reflect the views of participants rather than a fully representative national sample. Still, the responses highlight key obstacles to crypto adoption in Russia.

Key findings from the poll:

• 69% of respondents said they could not identify a personal use for cryptocurrency.
• 54% reported they knew almost nothing about how cryptocurrencies work.
• 23% described information about crypto as fragmented and contradictory.
• 17% said they understood basic concepts but wanted clearer, practical explanations.
• Only 6% considered themselves experienced or active crypto users.

Another portion of the sample expressed mixed attitudes toward legalization: 52% did not use crypto and could not determine how legalization would affect them, 22% preferred bringing the market out of the shadows through regulation, and 20% welcomed formal rules as a positive step.

Timing matters

Respondents answered after the State Duma approved the legislation on July 21 and around the time the Federation Council endorsed it on July 24, but before the president signed the bill and before consumer-facing rules took effect. The survey thus captures expectations about legalization rather than behavior in a fully operational regulated market.

What the new law actually does

The federal law treats cryptocurrencies as property and sets up a licensing and oversight structure for market intermediaries. That includes regulated exchanges, brokers, asset managers, custodians, crypto exchange services and digital depositories. The main provisions come into force on September 1, with stricter requirements — including mandatory use of licensed intermediaries for certain transactions — phased in by July 1, 2027.

Crucially, the framework does not convert Bitcoin, stablecoins or other digital assets into domestic legal tender. The law continues to prohibit using crypto to pay for everyday goods, services, wages or bills within Russia. Permitted uses are narrower and include certain exceptions such as foreign trade contracts, mining rewards, blockchain transaction fees and specified asset transfers.

This legal distinction helps explain why many survey participants see little personal benefit. For the average consumer, the clearest legal functions of digital assets under the new rules relate to investment, custody and international settlements rather than retail payments or salary disbursements.

Where businesses and institutions may benefit

The law creates clearer pathways for companies and financial institutions to use crypto in cross-border settlements and institutional services. Firms will likely have more immediate reasons to participate: regulated custody, exchange services, and trade-settlement functionality. Ordinary retail users face more limited direct use cases under the current design.

Trust, education and practical services drive adoption

Survey respondents prioritized safety and clarity over mere access. About 38% said they wanted straightforward, honest information without promises of quick profits. Another 36% prioritized clearer rules that spell out restrictions and responsibilities. Licensed platforms mattered to 16% of respondents, while 10% wanted simpler interfaces and help for beginners.

Those preferences align with the regulatory approach being developed by the Bank of Russia. On July 27 the central bank published initial draft rules covering organized crypto trading, asset accounting and digital depositories. Proposed capital requirements for digital depositories span from 50 million to 250 million rubles depending on services offered. Exchanges will be tasked with establishing trading rules and price formation, and the central bank will keep a register of licensed depositories. These proposals are still subject to consultation and revision.

Industry response and product roadmaps

Financial institutions are preparing to offer regulated products once the regime is active. Sberbank has announced plans to introduce a crypto wallet and a digital asset depository after the law takes effect. Other banks and the Moscow Exchange have discussed launching custody, trading and settlement services. Fees, onboarding requirements such as investor tests, and which cryptocurrencies become available will shape customer uptake.

September will be the first live test

When the law takes effect on September 1, licensed products should start to appear. Adoption will hinge on user experience: how easy wallets and exchanges are to use, whether verification and investor testing is burdensome, the cost of custody and trading, and whether users perceive value beyond speculative trading.

Previous polling has painted a varied picture: a 2024 survey reported that nearly 20% of respondents had tried cryptocurrency, although only about 2% said they used it regularly. Different methodologies and sample sets make comparisons difficult, but the Rambler&Co results underline a clear challenge for Russian regulators and market participants: the state has built a legal infrastructure before broad public demand or understanding has formed.

What will drive wider adoption?

• Clear, reliable public information and consumer education on crypto and blockchain.
• Trustworthy, licensed platforms with transparent fees and accountability.
• Practical services aligned with legal allowances — custody, investment products and cross-border settlement tools.
• Simplified onboarding and consumer protections that reduce perceived risk.

Regulators and financial firms can build exchanges, wallets and depository services, but whether those products spur mass adoption depends on public understanding, trust and practical benefits that fit within the continued ban on domestic crypto payments.

Conclusion: Russia’s new crypto law opens regulated channels for digital assets, but legal use cases skew toward institutions and cross-border activity. With 69% of surveyed citizens unable to see a personal use, the coming months will test whether education, safer products and clearer incentives can convert regulation into real consumer adoption.