Bitcoin trading is growing in Russia. That’s despite attempts by the government to make it difficult for investors to do so. For years, Russian lawmakers have blown hot and cold over
cryptocurrency regulation, creating an atmosphere that has often left
the entire digital asset industry in the country on tenterhooks.
According to Paxful, Russian users joining the peer-to-peer bitcoin (BTC)
exchange have increased by 350% over the last 12 months. New
registrations have swelled to record highs month-on-month since the new
coronavirus outbreak in March.
The exchange said it is now seeing
an average monthly trading volume of $4 million in the Eastern European
country, compared to other P2P platforms.
For payment, Russians
prefer to use gift cards, online wallets, bank transfers, and credit or
debit cards, it stated in a statement shared with news.Bitcoin.com. Anton Kozlov, Paxful’s Manager for the Russian market, said:
Crisis
aside, Russia has always had a monolithic banking system that is
dominated by a few players, and the sentiment we get is that Russians
are increasingly looking to find alternative ways to grow their earnings
and participate in the financial market. Bitcoin within the P2P context
allows them much more freedom to do so – and our data is proving it.
A new law passed
on July 22 prohibits the use of bitcoin to pay for goods and services,
but grants legal recognition to cryptocurrencies. Such clarity may help
drive further growth of the Russian digital asset market.
source link : https://news.bitcoin.com/bitcoin-trading-is-booming-in-uncertain-russia-with-350-spike-in-new-users-on-paxful/
