The crypto community in Russia is facing uncertainty in terms of crypto regulation, but they are not going to lose confidence in Bitcoin as Russia makes its position at the top in global BTC trading on LocalBitcoins.
The parliament of Russia recently proposed cryptocurrency regulation bill in which there were strict regulation policies for cryptocurrency and those who were involved in the crypto business. But the current scenario is different as Russian BTC lovers are making the largest share on the peer-to-peer trading platform LocalBitcoins.
Crypto media outlet CryptoDiffer reported that Russia traded the most Bitcoins in the last two months, April and May. Since the last few months, Russia has made a great share on the P2P trading platform.
Russia Makes 19% of Total Trading Share
Per the data provided, in May, 19% of the total BTC trading volume on LocalBitcoins came from Russian traders. Russia even left behind the US and Venezuela, which accounted for 10% and 11% of total global volume respectively.
Total 17,867 bitcoins transacted in peer to peer trading on Finland-based trading platform in May 2020. According to Coin Dance’s data, 800 Bitcoins traded on weekly basis in May 2020, while Venezuela and the US accounted for 400 BTC per week.
The global trading volume on LocalBitcoins has declined to a significant amount as the company is making itself compliant with the legal bodies and has tightened its Anti-Money Laundering (AML) policies.
Russia is also planning to impose strict measures on crypto exchanges and those who are dealing with it. But the current trend goes opposite to regulatory uncertainty in the country as Russia tops the list in making the largest share of global BTC trading.
On May 21, Russian authorities decided to fine and imprisonment for those who are involved in illegal crypto activities. On crypto’s future in Russia, LocalBitcoins’ representative stated:
“We are following the legal situation in Russia and we hope that Russian people will continue to have access to Bitcoin and its benefits in the future too.”