there are more than 24 trillion rubles on bank deposits in Russia. This
is a significant amount of money which is not invested anywhere, thus,
significantly slows down the development of the economy within the
Russian Federation. There are several reasons for such situation, so
let’s look at the main ones at large.
The first and the main issue is lack of trust.
The middle-aged and elderly people have been through too many
problematic periods and situations both during USSR period and in
independent Russian Federation, so they tend to doubt any innovation and
remain totally sceptical towards new technologies.
Another obstacle is that there is too little understanding and knowledge
of Blockchain technology, crowdfunding and peer-to-peer lending in
general. The majority of citizens have no idea what crowdinvesting and
crowdlending is, and sometimes they don’t even want to learn about this
rapidly changing market. Everybody got used to the notion of banks and
their functions in the society, so a common ignorance towards new
Furthermore, some people think that interest rates
of peer-to-peer and crowdlending platforms are too high, although most
of them forget that the effective rates in banks are completely the
Overall, we may conclude that most of the problems of peer-to-peer lending in Russia are caused by simple prejudices
that have accompanied people for many years. However, we do believe
that it will be possible to change such perception in the nearest
future. Moreover, this process of change has already begun and Inspeer is really glad to be a part of it.