The World Gold Council reported in the last 12 months that show that cryptocurrencies built for 17% of the Russian investments, moving ahead of Gold at 16%. A report was released recently that details the retail insights pointing to the accessibility and popularity of the cryptocurrencies, especially Bitcoin in Russia. On the other hand, Gold slows down behind some popular investments like foreign currencies and real estate due to less prominence and suspicion.
Basing on a survey of over 2000 ‘active investors’ from Russian cities, the report says that the top five investment tools in Russia were found to be: savings accounts, foreign currencies, real estate, life insurance, and cryptocurrencies.
The results counter received wisdom regarding Gold as a stable, reliable investment option and cryptocurrencies as potentially risky. The rise in popularity comes after the introduction of digital assets into Russian law. Soon after, as reported last week, Russia introduced strict rules on digital financial assets. Cryptocurrency has still not been legalized as a payment method. However, the state moves toward a ‘crypto Ruble,’ like the central bank digital currencies being developed by China, the USA, and Turkey.
The results show a counter received wisdom that regards Gold as a stable, reliable investment option and cryptocurrencies are probably risky. The boost in popularity then comes after the launch of the digital assets to Russian law. After that, Russia had introduced strict regulations about digital financial assets. Now cryptocurrency is still hasn’t been legalized as a payment method. The state moves towards ‘crypto Ruble,’ similar to the central bank digital currencies developed by China, the USA, and Turkey.