Ukrainians are increasingly aware of cryptocurrencies, and 13 percent of those using the Internet own digital coins, according to a new survey. The total of the daily turnover on the three leading cryptocurrency exchanges in the country currently reaches $2 million USD.
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Majority of Ukrainians Know About Bitcoin
A sizable majority of the respondents in an online survey in Ukraine have said they are aware of digital currencies – 72 percent of those questioned know what cryptocurrency is. Another 23 percent have heard the term, while 5 percent told interviewers they were hearing the word for the first time. Ukrainian men are better informed about coins – 81 percent, as well as youngsters – 79 percent.
The poll has been conducted by Kantar TNS, the local representative of the marketing research firm Taylor Nelson Sofres (TNS). 1,000 residents, aged 18-55, have been contacted online throughout Ukraine, with the exception of the conflict zones in the eastern part of the country and Crimea.
The results show that bitcoin (BTC) remains the most well-known cryptocurrency, with 98 percent of the Ukrainians with access to the web saying they know about it. It’s followed by litecoin with 29 percent and bitcoin bash (BCH), 27 percent. Fourteen percent of the participants recognize dash, and 6 percent – NEM.
The authors of the study have also tried to determine how involved Ukrainians are with cryptocurrencies. According to their data, 13 percent of the respondents own digital money. Among them 88 percent have acquired bitcoin core (BTC), and 25 percent – bitcoin cash (BCH). 18 percent own litecoin, and dash and ethereum – 7 percent each. The rest either do not trust cryptocurrency, don’t have the technical means to acquire it, or do not understand its principles.
Participants were asked if they thought cryptocurrencies should be treated just like regular, fiat money. The answer options yes/no/I don’t know received about a third of the votes each.
A majority of 41 percent said authorities should support the free circulation of cryptos, 19 percent stated it should be banned by the government, and 37 percent had no opinion. Only 1 present of the polled believe regulation is necessary, while 2 percent think the state should not interfere at all.
Ukrainians Trade $2 Million Worth of Crypto Daily
Despite the lack of comprehensive data about the size of the Ukrainian cryptocurrency market, it has been estimated that the daily crypto-hryvnia turnover on the three major exchanges reaches $1.9 – $2 million USD (~$700 million a year), local media reported.
Experts note, however, that the transactions on these trading platforms, Exmo, Kuna and BTC Trade UA, are only a part of the total. More than a dozen other platforms, as well as thousands of individual traders are offering exchange services, both online and offline.
Other sub sectors are also contributing to the growth of the industry. “According to market sources, approximately $80 million have been invested in mining in Ukraine. About 90 – 95,000 Ukrainians own cryptocurrencies. The majority have invested small amounts in 2017 – 2018,” Ekaterina Belous, an expert working on the USAID “Financial Sector Transformation” project, told Realist. For the past several years, more than 50 high-ranking officials and members of parliament have declared digital assets on their tax returns.
Do you expect the ownership of cryptocurrencies in countries like Ukraine to increase in the near future? Let us know in the comments section below.
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