The remarks were made by Evgeny Kogan, a professor of economic sciences at the National Research University Higher School of Economics (HSE), according to the Russian-language media outlet Coinspot.
Is There a Growing Adoption of Crypto in Russia?
“Interest in cryptocurrencies” has “grown greatly in Russia in recent years,” according to Kogan.
He continued by saying that there has been a recent rise in the number of people who “make transactions with Bitcoin and other tokens.”
“Cryptocurrencies are becoming a part of our lives. And for some, they have already become a means of payment.”
Evgeny Kogan, Professor, National Research University
The scholar stated that despite this increase in interest, the majority of people still have misgivings about cryptocurrencies and “consider [tokens] to be [the tools] of financial pyramid” operators.
The country’s central bank asserted earlier this month that cryptocurrency “themes” were present in “nearly all” of the financial pyramid schemes it discovered the previous year.
Less than 1% of Russians, according to Kogan, use “digital tokens.” Merely 3% of individuals, according to him, are aware of the blockchain sector.
The national research university HSE is becoming more and more interested in regulatory policy and cryptocurrency.
The national research university HSE is becoming more and more interested in regulatory policy and cryptocurrency.
A solution to the issue of Siberian cryptocurrency miners’ increasing burden on power networks was put out in a January HSE report.
Researchers at the institution proposed that a forced “disconnection” of cryptocurrency miners “from the electrical grid” be implemented for “500 hours per year” as a remedy.
Is Regulation of Cryptocurrency in Russia Still Far Off?
Tokens are becoming more and more popular, yet there is almost any cryptocurrency legislation in Russia. Up to 10% of citizens, according to government claims, may now own cryptocurrency.
Russia’s use of cryptocurrencies appears to have increased as a result of Western sanctions on the nation’s banking sector.
Russia’s eastern provinces, with their cheap electricity and frigid winters, have emerged as a major worldwide player in the cryptocurrency mining space.
Since domestic banks are barred from participating in networks like SWIFT, some businesses in Russia are also embracing cryptocurrency as a settlement method.
Russian lawmakers have not yet voted on any significant draft laws pertaining to cryptocurrencies, despite all of this and politicians’ promises to expedite the introduction of crypto legislation.
