Yandex Survey: 120,000 People Use Cryptocurrencies in Moscow, Russia

Yandex Survey: 120,000 People Use Cryptocurrencies in Moscow, Russia
Omar Faridi

There are approximately 120,000 people (less than 1%) in Moscow, Russia that are actively using digital currencies, according to a recent survey conducted by Yandex.

34% Of Moscow's Residents Prefer Cashless Payments

Local news outlet, Iaft news, noted that cryptocurrencies remain an unpopular type of payment in Russia’s capital city.

Moreover, results from the Yandex survey show that around 5% of Moscow’s residents are interested in learning more about how to make payments using digital currencies.

Notably, data from the Moscow Department of Information Technology (DIT) and the Yandex.Money service shows that 34% of survey respondents prefer non-cash payments.

Most People Still Use Bank Cards For Cashless Payments

Approximately 96% of those surveyed use a bank-issued debit card to make cashless payments, 40% make cashless transfers via mobile phones, 32% of respondents said they use internet banking for daily transactions, and 16% said they use electronic money.

Most of Yandex’s survey respondents think that popular payment services such as Android Pay and Apple Pay will be used more frequently for everyday transactions in the future.

However, the survey respondents were not so sure, or confident, about whether cryptocurrency payments would be as widely adopted as fiat-based payment solutions developed by large fintech firms.

Only 4% Of Brits Undestand Bicoin "Very Well"

As CryptoGlobe reported recently, YouGov, an international public opinion and data firm, conducted a survey in order to determine how many of UK’s residents are aware of cryptocurrencies, and how many people actually use them to make payments.

Over 90% of Brits had heard of bitcoin (BTC), however, only 4% said they understand how it how works “very well”, according to YouGov’s survey results.

As covered, a study conducted by Get Living, a real estate company in the UK, found that 21% of respondents preferred to invest in bitcoin, instead of investing their savings in real estate.

Young, Affluent Class Wants To Invest In Cryptocurrencies

Survey results from Get Living and YouGov revealed that younger people not only seem to know more about digital currencies, but they are also more likely to use them for making daily purchases.

Specifically, crypto investments are of interest to those who can actually absorb the financial risks associated with the highly volatile asset class. As covered, Capgemini’s World Wealth Report 2018 showed that 25 percent of high net worth individuals (HNWIs) “placed importance” on learning more about digital currencies, while 60% of Latin America’s HNWIs showed high levels of interest in crypto investments.