Russia legalizes crypto, but 69% see no practical use

Nearly seven in ten Russians surveyed could not identify a practical reason to use cryptocurrency, even as the country prepares to open a regulated market for digital assets.

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.

The survey shows crypto awareness remains limited

More than half of respondents, or 54%, said they knew almost nothing about how cryptocurrencies work. Another 23% said fragmented and conflicting information made it difficult to understand the sector.

Only 17% said they understood the basics but wanted clearer explanations and practical examples. Just 6% described themselves as knowledgeable users with direct experience.

The survey also found that 52% did not use crypto and could not determine how legalization would affect their lives. However, 22% said regulating the market was preferable to leaving it in the shadows. Another 20% welcomed the move toward formal rules.

The poll ran on Rambler&Co websites from July 23 through July 30 and involved more than 2,000 internet users. The published summary did not provide demographic weighting or a margin of error. The results should therefore be read as the views of participating internet users, rather than a definitive measurement of Russia’s entire population.

The timing also requires context. Respondents answered after the State Duma approved the legislation on July 21 and around the time the Federation Council endorsed it on July 24. Putin had not yet signed the law, and its consumer-facing rules had not taken effect. The survey measures expectations about legalization, not behavior under an operating regulated market.

Russia’s crypto law does not create everyday payments

Russia’s new framework recognizes cryptocurrency as property and establishes regulated intermediaries, including exchanges, brokers, asset managers, crypto exchange services and digital depositories.

The main provisions take effect on Sept. 1. Existing businesses have a transition period before rules requiring transactions through licensed intermediaries become mandatory on July 1, 2027.

However, legalization does not turn Bitcoin or stablecoins into domestic money. The law continues to prohibit crypto payments for goods, work and services inside Russia. It permits specified exceptions, including foreign trade contracts, mining rewards, blockchain fees and transactions involving other digital assets.

This distinction may help explain the survey results. Most consumers will not be able to use cryptocurrency for routine purchases, salaries or household bills. The clearest legal functions concern investment, custody and international transactions rather than daily retail payments.

As previously reported, ordinary investors will operate within limits and testing requirements, while businesses receive a broader channel for cross-border settlements. The design gives companies and financial institutions more obvious use cases than the average consumer.

Russians want protection before easier access

The survey suggests that legal availability alone may not create adoption. Respondents placed more value on clear information, defined responsibilities and trusted platforms.

About 38% wanted honest information without promises of fast profits. Another 36% prioritized clear laws explaining restrictions and responsibility. Licensed platforms mattered to 16%, while 10% wanted simpler interfaces and support for beginners.

Those preferences broadly match the regulated structure being built 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 range from 50 million to 250 million rubles, depending on their activities. Exchanges will establish trading rules and calculate market prices, while the central bank will maintain the depository register. The proposals remain subject to the regulatory review process.

Financial institutions are already preparing products. In related coverage, Sberbank plans to introduce a crypto wallet and digital asset depository after the framework takes effect. Other banks and the Moscow Exchange have also discussed regulated services.

September will test whether regulated products change attitudes

The next test begins when the law takes effect on Sept. 1 and licensed products start reaching customers. Adoption will depend on which cryptocurrencies become available, how difficult investor tests are, what fees platforms charge and whether users see a benefit beyond speculation.

Earlier surveys have produced different adoption estimates. As crypto.news reported in 2024, a separate poll found that nearly 20% of respondents had used cryptocurrency, although only 2% reported regular use. The surveys used different samples and questions, so their percentages are not directly comparable.

The latest Rambler&Co results nevertheless point to a clear obstacle. Russia has established a legal market before most surveyed consumers have identified why they would participate in it.

Regulators and financial companies can create exchanges, wallets and custody services. Whether those products produce wider adoption will depend on public understanding, trust and practical services that fit within Russia’s continuing ban on domestic crypto payments.