Ukrainians' attitude to cryptocurrency

January 2022
5.1% of Ukrainians have personally conducted transactions with cryptocurrencies and/or blockchain

Ukrainians are increasingly involved in the world of alternative money. More than half (55.9%) of the respondents of the representative Gradus panel said they were aware of the concept of cryptocurrencies, and 5.1% had already personally conducted transactions with cryptocurrencies and/or blockchain. One in five (20.7%) Ukrainians aged 18-24 has bought or sold cryptocurrency or participated in an ICO, or initial coin offering, at least once in their lives. According to the global consulting company TripleA, 12.73% of Ukrainians own crypto money, while the global average in 2021 was 3.9%.

"Although the most popular method of saving and increasing funds among Ukrainians is still buying the regular currency (32.6%), the purchase of crypto coins in our country is already more common than investments in securities. And, of course, the new generation feels much more confident in this industry as they have been connected to the global virtual space since childhood. Older people prefer good old-fashioned precious metals and real estate," says Evgeniya Bliznyuk, CEO & Founder of Gradus Research.

The most popular transaction in the Ukrainian crypto world is opening a crypto wallet, with 77% of those involved in this field having one. Every second crypto-active Ukrainian has bought/exchanged tokens on an exchange. The main purpose of a cryptocurrency wallet is to generate income in cryptocurrency, and the least common use is for gaming (18.9%). A third (31.5%) of those Ukrainians who are familiar with cryptocurrencies have used this type of money to pay for real goods, and, interestingly, residents of small towns in the northern regions do so more often.

In 2020, the Minister of Digital Transformation Mykhailo Fedorov spoke about the importance of blockchain technology and the virtual asset market in the future digital economy of the world: "I hope that next year crypto companies will be able to operate legally in Ukraine for the first time." On September 8, 2021, the Verkhovna Rada of Ukraine adopted the Law on Virtual Assets, which regulates legal relations in the cryptocurrency industry. However, in October, President of Ukraine Volodymyr Zelenskyy returned it to the Parliament with his proposals.

The survey was conducted by Gradus Research using a self-administered questionnaire in a mobile application. The Gradus online panel reflects the population structure of cities with more than 50,000 inhabitants aged 18-60 by gender, age, settlement size and region. Period of the survey: January 13, 2022, sample size: 1000 respondents.

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