Nearly seven in ten Russians see no practical use for cryptocurrencies, even as the country prepares to implement new digital asset legislation, according to TASS.

A survey conducted by Rambler&Co found that 69% of respondents could not identify any meaningful use cases for digital assets. The poll, which questioned more than 2,000 active internet users between July 23 and July 30, was carried out shortly after Russian lawmakers approved new cryptocurrency legislation. The findings highlight a persistent gap between Russia's regulatory ambitions and mainstream consumer adoption, despite growing official interest in digital assets as a potential mechanism for cross-border trade under Western sanctions.

Limited Public Engagement

According to TASS, 52% of respondents said they do not use cryptocurrencies and therefore cannot explain how legalization would affect them. Only 6% reported having practical experience with digital assets.

The findings also revealed a significant awareness gap. A majority — 54% — admitted they know little or nothing about how cryptocurrencies work. Another 23% said they still lack sufficient information, while 17% said they understand only the basics.

Some respondents did identify potential future applications. Approximately 8% said they would consider using cryptocurrencies for purchases abroad, 6% favored long-term investing and portfolio diversification, and 4% planned business-related use. The interest in cross-border applications aligns with increasing attention from Russian authorities to cryptocurrencies as a means of conducting international settlements amid restricted access to the global banking system.

New Legislation Nears Implementation

The survey arrives as Russia moves closer to enacting its latest cryptocurrency legislation. The State Duma has approved the "On Digital Currency and Digital Rights" bill, though it still requires approval from the Federation Council and President Vladimir Putin.

Most provisions are scheduled to take effect on September 1, 2026. Additional licensing rules for cryptocurrency intermediaries will follow in 2027. The framework will regulate cryptocurrency trading and investment through licensed platforms, but direct cryptocurrency payments within Russia will remain prohibited. The legislation is the product of prolonged debate between the Bank of Russia, which has historically favored strict limitations, and the Ministry of Finance, which has advocated a more permissive regulatory approach.

Public Confidence Remains Divided

Although legalization is approaching, public sentiment is mixed. According to TASS, 22% of respondents believe that regulating cryptocurrencies is the better approach, while 20% said they had been waiting for clearer market rules before forming an opinion.

Interest in cryptocurrencies also appears tied to stronger consumer protections. Around 38% of respondents want factual information without promises of quick profits, 36% want clearer regulations, and 16% indicated that reliable platforms with simple interfaces would encourage their participation. The results suggest that even with a legal framework taking shape, broader adoption may hinge less on the existence of regulation and more on whether ordinary Russians come to see concrete, everyday utility in digital assets.