Google Reveals Russia’s Rising Interest Towards Cryptocurrencies

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Google reveals Russia’s rising interest of cryptocurrencies.

In the first half of 2017, Russia has been very open to the concept of digital currencies. They have been very fond of Bitcoin and is now eyeing Ethereum for wider options. The government has been very supportive of cryptocurrencies as it was widely accepted as well by the citizens.

Until the government dropped this news. Do you agree that Russian government should create a law about cryptocurrencies? This could be a good thing and a bad thing. Find out more about it below.

Google has analyzed cryptocurrency-related search queries of Russian residents for the first half of this year. Searches for bitcoin, ethereum, cryptocurrency, as well as cryptocurrency mining, have all increased substantially. Google has also pinpointed the regions in Russia with the most search growth.

Google’s Analysis

Google has performed an analysis on search queries of Russian residents for the first half of 2017 for information related to cryptocurrency, according to local publications. The company revealed its findings on Thursday, stating that:

Despite the fact that the first cryptocurrency was launched in 2009, the greatest surge of interest of Russian users to this industry came in the first half of 2017. Just imagine, from January to June the number of requests for the industry as a whole increased by more than 250%.

Google Says Russia's Interest in Bitcoin up 220%, Ethereum 760%, Mining 560%

Google Says Russia's Interest in Bitcoin up 220%, Ethereum 760%, Mining 560%Google revealed that the highest growth recorded in searches was Ethereum-related, which increased more than 760%. Bitcoin-related searches were up more than 220%.

In addition, users also searched for cryptocurrency mining information more frequently, resulting in the total number of mining-related searches increasing by 560%. “Cryptocurrencies and mining also fell into the top 100 queries with the words ‘how’ and ‘what is’,” Rusbase detailed, adding that the number of requests for specific cryptocurrencies also increased by the same percentage.

Furthermore, Google noted that in the first six months of the year, the number of requests for Initial Coin Offerings (ICOs) “significantly increased,” but did not name specific figures.

Highest Growth Regions

“There is an opinion that the trends are spreading from the center of Russia to the regions, but not in this case,” Vestifinance quoted Google, adding that:

The biggest increase in interest in the industry was seen in the Khabarovsk Territory (+ 309% of requests). At the same time, the increase in the number of requests for individual cryptocurrencies – Ethereum (+ 1114%) and Bitcoin (+ 317%) – also turned out to be above the national average in this region.

Google Says Russia's Interest in Bitcoin up 220%, Ethereum 760%, Mining 560%
Fishermen Village, Kaliningrad

Meanwhile, Kaliningrad residents were entering mining-related search requests over 674% more in the first half of 2017, the news outlet detailed.

Last week, the head of Kaliningrad Region Development Corporation, Vladimir Zarudny, talked about attracting cryptocurrency mining operations to Kaliningrad. He believes that by 2018 cryptocurrency will be legal in Russia, and its production will become a new type of business, according to a post on the corporation’s website.

In February, Klops.ru reported that Presidential Commissioner for Entrepreneurs’ Rights Boris Titov suggested that Kaliningrad should be chosen as the pilot site for bitcoin to be used as a currency. “For example, you can pay for gasoline with bitcoins,” the publication quoted him saying.

What do you think of Google’s findings? Let us know in the comments section below.

via Bitcoinist


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