Survey shows Russians prefer crypto over gold Survey shows Russians prefer crypto over gold
The bank released its household finances survey result covering 2022 on March 31.
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Updated: Apr. 5, 2023 at 5:12 pm UTC
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A new survey by the Central Bank of Russia (CBR) shows that more households keep a higher percentage of their money in crypto wallets.
Notably, the bank has conducted this survey every two years since 2013. According to the published document, Russian families hold more crypto assets than mutual funds and gold.
Survey results for Crypto holdings by Russian families
The monetary authority surveyed over 6,000 households and over 12,000 individuals in 32 Russian regions. The CBR survey report shows that the median average value of crypto holdings among Russian households in fiat is 17,500 rubles (approximately $225).
The median result indicates that the crypto funds held by more than half of these Russian families exceeded the threshold in the survey.
Also, earlier in 2021, the CBR reported that the annual volume of Russian crypto transactions reached about $5 billion. The report noted that over 65% of Russian households had financial assets, with a median of 15,700 rubles ($200). In addition, 64.5% of these households save money in bank accounts, with a median average of 15,000 rubles.
One remarkable finding from the survey is that 0.4% of the surveyed families have cryptocurrency and Bitcoin investments. The number is small against the sample population but it is higher than the 0.3% recorded for households who invested in mutual funds and gold investments.
Furthermore, about 1.6% of the households sampled in the CBR study invested in stocks and bonds, with a median average of 26,500 rubles. Another 1.2% of the survey respondents said they have electronic wallet holdings, with a median average of 1,000 rubles.
Crypto going mainstream amid Russia-Ukraine war
Cryptocurrencies have proven handy in funding military supplies and provisions for displaced families in the ongoing Russia-Ukraine war. While the Ukrainian government raised millions from direct cryptocurrency donations, citizens resorted to crypto as an alternative to financial solutions when banks failed.
Also, many Russian citizens have opted for crypto-powered transactions for their cross-border payments after the bans by several countries. The Russian government is now relaxing its hawkish stance against cryptocurrency after banning crypto payments in July 2022.
In September 2022, the Russian central bank, with the Ministry of Finance, agreed to allow residents to use cryptocurrencies for cross-border payment. The Russian authorities aimed to promote local cryptocurrency exchanges amid increasing geopolitical barriers.
Notably, Russia plans to launch a national cryptocurrency exchange. According to a local media reports, the Central Bank of Russia and the Ministry of Finance supported the move. Further, a report by Russia Briefing disclosed that the Russian national cryptocurrency exchange would launch in Q2 2023.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
