HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Russia Tops Peer-to-Peer Bitcoin Volume Despite Strict Restrictions, Surprising Data Finds

Bitcoin 2020/05/05 08:27 by Samuel Wan
Russia stands out as the global leader in Bitcoin volume, according to CryptoDiffer. The research firm compiled data from LocalBitcoins, a widely-utilized peer-to-peer cryptocurrency exchange. BITCOIN INTEREST BY GEOGRAPHY IN APRIL We took a look at the #Bitcoin $BTC #BTC trading volume by countries on @LocalBitcoins in April. Data by @Coin_Dance pic.twitter.com/KzTTmPcnqX — CryptoDiffer (@CryptoDiffer) May 3, 2020 Russia Tops LocalBitcoin For BTC Volume, But How Meaningful is the Data? Of the 17,825 BTC traded on the platform last month, Russia accounts for almost a quarter of transactions at 22%. This is followed by Venezuela at 13%, with the USA taking third place at 11%. However, in recent times, Finland-based LocalBitcoins has lost much of its standing as an influential force. While the likes of Binance reported an average daily trading volume of $2,852,591,354 in 2019, LocalBitcoins has suffered a decline in trading activity over the same period. The chart below shows the total volume on LocalBitcoins.com going back to March 2016. For the 30-day period to December, 14th 2019, the total volume was around $40million. This equates to an average daily of $1.33 million, a fraction of what Binance turns over. Source: coin.dance Some attribute the decline of LocalBitcoins to the platform losing its unique selling point – as a relatively anonymous way to buy and sell Bitcoin. But EU KYC requirements meant users now have to identify themselves, effectively ending this practice. Russian Officials Remain Frosty Towards Bitcoin Russia remains an uncertain territory for Bitcoin. As recently as last month, Russia’s central bank announced a digital assets bill that will restrict the issuance and selling of cryptocurrencies. The move is the result of concerns, by government officials, that the rouble should remain Russia’s only legal payment method. Alexey Guznov, the Russian Central Bank Head of Legal justified the position on the grounds of protecting investors. “We believe there are big risks of legalizing the operations with the cryptocurrencies, from the standpoint of financial stability, money laundering prevention and consumer protection.” Guznov conceded that Russia cannot enforce a ban on Bitcoin and other cryptocurrencies. He added that people are free to trade in jurisdictions that allow for that. Moreover, no punishment will come with respect to possessing cryptocurrencies. Putin Drops Cryptocurrency Knowledge Commentators believe Russia’s digital assets bill intends to facilitate a new era of state-controlled digital currency. Above all, one with minimal private-sector competition, especially from the likes of Bitcoin. If this video is real, it highlights just how well understood Bitcoin is by the world’s most powerful people. The next reserve currency won’t be controlled by a nation state. pic.twitter.com/hsay8EhhZV — Pomp 🌪 (@APompliano) April 28, 2020 In a TV interview from 2018, Putin stated that any state-controlled digital currency is by definition not a cryptocurrency. “Just as it is impossible for any other country to have their own cryptocurrency because if we are talking about cryptocurrency, it is something beyond national borders.” Rumors of a gold-backed Russian digital currency have been doing the rounds for over a year now. And while Russia has openly shunned Bitcoin, a recent tweet from Anthony Pompliano shows that President Putin is clued in on the value proposition offered by Bitcoin.

0 Like(s)



You should also read...

Crypto 17/11/19 19:00 by Jamie Redman
Market Update: Crypto Prices Improve After 3-Week Downtrend
Digital currency markets have been trending downward in a triangular pattern since the 40% spike that took place on October 25. Following the three-week downtrend, cryptocurrency traders are quietly p...
Read More
Crypto 31/12/19 20:51 by Mr Oak
5 Best Performing Cryptocurrencies Of 2019
2019, didn’t quite go as well as many crypto experts thought it would. Enduring one of the shameful crypto performance and volatility in the previous year, 2019 was expected to see a major turnarou...
Read More
Bitcoin 20/10/20 01:59 by Nick Chong
Top DeFi Coins Crater 5-10% Despite $400 Bitcoin Price Jump
Bitcoin has soared higher over the past few days. After bottoming at $11,200 late last week after the OKEx news, the cryptocurrency has mounted a comeback. As of this article’s writing, the coin...
Read More
Bitcoin 24/05/21 16:34 by Brenda Ngari
Good News For Bitcoin Bulls As Russian Lawmakers Consider Reversing Ban On Crypto Payments
Russians looking forward to incorporating digital assets like bitcoin into their lives have recently received spectacular news, as the country’s lawmakers are now apparently considering allowing cr...
Read More
Bitcoin 06/07/21 21:26 by Asad Gillani
Ukrainian Local Bank To Launch Bitcoin Trading Feature In The Latter Part Of July
With the progress on crypto-related legislation from the Ukrainian Government, Bitcoin trading is about to experience a greater move. An important local e-bank, Monobank, plans to launch a BTC debit c...
Read More