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14% Of Russians Believe Cryptocurrency Is Going To Replace Fiat In the Next 10 Years

A recent poll conducted in the republic of Russia shows that there are many people in the country that think that cryptocurrencies are going to replace fiat currencies in the next decade. However, the poll reveals that the majority of the participants still believes in the fact that it is not likely going to happen.

Otkritie Bank, which is considered one of the major banks in the country of Russia, has conducted research. This research shows that there are many people in the country that believe in the possibility of cryptocurrencies replacing fiat currencies in the future.

Russian publication Nord News reveals that the bank conducted this research in the period between the 12th of April and the 16th of April. A total of 1000 people from the country participated in this survey. These participants are aged from eighteen to sixty-five.

The results of this survey varied from region to region. For instance, the survey revealed that people from the Northwest have very little faith in digital currencies. Only 8 percent of the total participants believe that cryptocurrencies have the potential to outshine fiat currencies in the next ten years. While on the other hand, 34 percent of the participants from this region refused to accept this claim saying that they do not think this will happen.

However, the results were different in the city of Moscow, the capital of Russia. In this region, a majority of people have an optimistic attitude towards cryptocurrencies. Out of the total participants who took part in the survey, 21 percent stated that they firmly believe that cryptocurrencies are going to replace cash in the coming decade. A short majority of people was there who did not acknowledge this claim.

Overall, 14 percent of the people from Russia showed their faith in the possibility of cryptocurrencies replacing cash or fiat currencies. While on the other hand, 39 percent did not favour this claim.  Forty-six percent stated that people should be provided with the opportunity whether they should use digital currencies or fiat currencies.

Meanwhile, the central bank of Russia is continuously working on the development of its central bank digital currency known as the Digital Ruble. Reportedly, Digital Ruble’s digital prototype is expected to be finalized before the end of the current year. And pilot trials of this CBDC are expected next year as well.

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