Russia opens crypto market, but most Russians still don't see the point

Russia legalized cryptocurrency on August 4. President Vladimir Putin signed the new federal law "On Digital Currencies and Digital Rights," creating a regulated framework for trading, custody, and foreign trade settlement. The domestic ban on using crypto to pay for ordinary goods and services remains. Yet here's the catch: nearly seven in ten Russians surveyed could not find a single practical reason to use it.

A Rambler&Co poll released by TASS the same day showed 69% of respondents saw no personal use case for crypto following legalization. Only 8% mentioned paying for foreign purchases. Another 6% picked long-term investment and savings diversification. Just 4% cited business transfers. The numbers paint a picture of a market opening its doors to almost nobody.

The knowledge gap runs deep

More than half the respondents, 54%, admitted 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 grasped the basics but wanted clearer explanations and practical examples. Just 6% described themselves as knowledgeable users with direct experience. The result: legalization happened in a vacuum of public understanding.

The law itself takes effect September 1. Licensed intermediaries become mandatory from July 2027. It preserves the ban on domestic crypto payments while licensing exchanges, brokers, custodians, and depositories. This is a different approach from Switzerland's expedited SRO model, where regulation took months instead of years.

What Russians actually want to hear

The survey uncovered something unexpected about sentiment. While 52% said they did not use crypto and could not determine how legalization would affect their lives, 22% said regulating the market was preferable to leaving it in the shadows. Another 20% welcomed the move toward formalization. The twist: 38% of respondents wanted honest information without quick-profit promises, showing that trust matters more than simple access alone.

The pattern is clear. Russians are not rejecting crypto outright. They are rejecting being sold something they do not understand. Legalization without education, apparently, changes very little.

This material is informational only and does not constitute financial advice or a recommendation to buy or sell any cryptocurrency.