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Russians Turn to Cryptocurrency for Savings: $25 Billion in Wallets Held
Russians Turn to Cryptocurrency for Savings – A growing number of Russians are now including cryptocurrencies among their financial safety nets, even as traditional savings methods remain dominant, according to a recent survey conducted by Sber Strakhovanie and Rabota.ru.
Majority of Russians Maintain Monthly Savings
The study reveals that 84% of Russians save money monthly to prepare for unforeseen expenses. While bank deposits are still the most popular tool—used by 60% of respondents—other options include cash (35%), savings accounts (30%), and investment or insurance plans (17%). Notably, 2% of Russians now prioritize crypto as their main liquid asset, reflecting a slow but steady shift in savings preferences.
Survey participants reported diverse views on the size of their financial cushions: 32% aim for 1 million rubles (~$12,000), while smaller brackets—100,000 to 500,000 rubles ($1,200–$6,000)—were cited by others as sufficient.
Cryptocurrency Gains Traction Despite Legal Limits
Although legal access to crypto in Russia is restricted, demand continues to rise. An estimated $25 billion worth of crypto assets are held by Russian wallets, despite stringent regulations and limited investment channels. Special legal regimes allow certain companies to use crypto in foreign trade, and the Bank of Russia permits crypto derivatives for highly qualified investors.
Interestingly, another study showed that 26% of Russian families would consider investing government “maternity capital” funds in decentralized assets like Bitcoin (BTC) or Ethereum (ETH) if regulations allowed.
Crypto Market Outlook in Russia
The Russian crypto market is projected to expand significantly, with forecasts suggesting a value of $24 billion by 2026. Meanwhile, the Finance Ministry has proposed easing rules for granting “highly qualified” investor status, potentially widening access to crypto derivatives.
This data indicates that while traditional savings remain dominant, cryptocurrencies are gradually becoming a recognized component of financial buffers in Russia, reflecting evolving attitudes amid economic uncertainty.
