How popular is cryptocurrency and trading in Russia?
In the era of the modern digital economy and the development of electronic payment methods and exchanges, the usage of Bitcoin is undoubtedly growing, and at a rapid pace. Even some 8–10 years ago it was impossible to imagine a situation in which you could buy a car or real estate, or maybe a cup of coffee using Bitcoin. The authorities of some of the more developed countries contribute to popularization, giving a wide opportunity to use cryptocurrencies for payments in stores or gas stations.
Employers in the cryptosphere are increasingly choosing to pay their employees wages in cryptocurrency. But sometimes situations happen that you need to exchange cryptocurrency for fiat funds or vice versa.
Peer-to-peer cryptocurrency trading data shows that digital assets such as Bitcoin is becoming extremely popular in Russia, despite the opinions and regulations aimed at crypto assets. Recently, the Russian government published a draft judgment called «On Digital Financial Assets», and lawmakers are looking for public opinion. Despite a tough proposal prepared by the Russian government, trading volumes on some exchanges are in significant demand among the citizens of the country. Cryptocurrency exchanges from the index of the declared volume by «The Block» recorded in September a cumulative trade turnover of more than $ 169 billion. September became the second largest month in trading in 2020, behind August.
Despite the recently updated bill, the volume of Russian bitcoin (BTC) trading on peer-to-peer trading platforms is growing rapidly. For two months in a row, Russia has been ahead of a number of other countries that also have significant trade volumes associated with the Russian people. Coin Dance statistics show that Russia accounted for 20% of the trade volume. Although regulatory clarity has kept Russians in the dark, data shows that citizens from this region are demanding more bitcoins than in recent years. According to the statistics provided by one of the major p2p platforms only for the 1st week of October the trading volume on the Russian market amounted to more than 7.5 billion $
Data from Bitcoin.com indicates that Russians also trade a large amount of Bitcoin Cash (BCH). In other popular countries, such as Venezuela and Colombia, there are people who made the exchange from 50 to more than 100 times a month. In Russia, there are traders who have made exchanges more than 1000 times only in their region. People accept credit cards, Advcash, Qiwi, and Bank transfers. One trader from Russia made more than 15,000 transactions in the country, buying bitcoin cash. Russians are more interested in cryptocurrencies than the global average, and this interest is growing. It clearly stands out in comparison with the performance of other countries.
But, for example, Venezuelan President Nicolas Maduro said that the country should start using cryptocurrency in both domestic and global trade, as part of efforts to neutralize the destructive economic sanctions of the United States. Outraged by the West, the Venezuelan leader said: “Donald Trump and his sanctions block Venezuela from conducting operations in any of the world’s banks. There are other payment formulas, and this is what we use, because our payment system works perfectly in China and Russia.”
Taking into account the increased popularity of the use and exchanges of cryptocurrency in the CIS countries, the peer-to-peer p2p platform Vertex.Market provides an platform for exchanging cryptocurrency directly between users. Clients are encouraged to take advantage of existing offers for buying / selling or the opportunity to place their own offers and exchange cryptocurrency exactly at the price that suits them.
Despite the prohibition introduced by the Russian government, the share of the using of cryptocurrency assets in the country’s financial system is steadily growing and we can say that cryptocurrencies have not yet reached their peak of popularity. Whatever it was, but such innovations are already causing a storm of emotions among users, and experienced financiers and traders are already making money on exchanges at favorable prices.
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