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A prominent academic based in Moscow has asserted that the use of cryptocurrency in Russia is at an all-time high.
According to the Russian-language news source Coinspot, these remarks were made by Evgeny Kogan, a Professor of Economic Sciences at the National Research University Higher School of Economics (HSE).
Crypto in Russia: Adoption on the Rise?
Kogan stated that “interest in cryptocurrencies” has “significantly increased in Russia in recent years.”
He noted that the number of individuals engaging in “transactions with Bitcoin and other tokens has risen” recently. Kogan remarked:
“Cryptocurrencies are becoming integrated into our daily lives. And for some, they have already turned into a method of payment.”
Evgeny Kogan, Professor of Economic Sciences at the National Research University Higher School of Economics (HSE), speaking in 2023. (Source: RBC Invest/YouTube)
Despite this increase in interest, the academic expressed that many individuals still harbor skepticism towards crypto and “view [tokens] as [the instruments] of financial pyramid” schemes.
Earlier this month, the Central Bank of the nation stated that “almost all” of the financial pyramid scams identified last year had crypto “elements.”
Kogan indicated that fewer than 1% of Russians utilize “digital tokens.” He mentioned that only 3% of the population is acquainted with the blockchain sector.
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HSE is a public research institution that has shown a growing interest in cryptocurrency and regulatory frameworks.
In January, a study from HSE proposed a solution to address the increased strain on electricity grids caused by crypto miners in Siberia.
The researchers from the university recommended implementing a plan that would involve the mandatory “disconnection” of crypto miners “from the electrical grid” for “500 hours annually.”
Russian Crypto Regulation: Still a Long Way Off?
Regulation of cryptocurrency is nearly absent in Russia, even with the rising popularity of tokens. The government has previously indicated that as much as 10% of the population may currently possess crypto.
Western sanctions on Russia’s financial system have also contributed to a noticeable increase in crypto adoption within the country.
Gold miner Polymetal will sell its sanctioned Russian unit in a deal worth a total of nearly $3.7 billion https://t.co/SVitRPXyQN
— Bloomberg (@business) February 19, 2024
The eastern regions of Russia have emerged as a significant global player in the crypto mining sector, attributed to low electricity prices and cold winter climates.
Some companies are also utilizing crypto in Russia as a means of settlement, as domestic banks are excluded from networks like SWIFT.
Nevertheless, despite all these developments and politicians’ commitments to expedite the implementation of crypto legislation, Russian lawmakers have yet to cast votes on any substantial piece of crypto-related draft legislation.
The post Crypto in Russia: More People Using Tokens for Payments, Claims Academic appeared first on Cryptonews.
