The International crypto markets may have been on a bearish trend for the better part of 2018 but Russia’s appetite for digital assets increased. Crypto enthusiasts in Russia dominated the Localbitcoins P2P platform transactions placing the Rubble among the top fiat currencies exchanged for digital currencies. Furthermore, crypto acquisition platforms for Russian’s saw an increase over the course of 2018!
The Crypto Fever In Russia’s Population
Crypto stake holders are hopeful 2019 will be different from the most bearish year in crypto history (2018). It is during these 12 months that we saw a good chunk of the market cap in crypto wiped out after a few bloodbaths. Bitcoin lost over 80% in value from its attractive high of $20,000 as 2017 came to an end. However, Olga Prokhorova, a team member in the International Financial Centre argues that this situation did not affect Russians appetite for digital assets.
In a recent interview, Prokhorova told the Federal Press that statistics gathered by researchers from Cambridge University indicated an increase in the number of verified users within the cryptocurrency web. According to these stats, users have increased to over 30 million causing the same effect on P2P exchange usage of platforms like Localbitcoins. The IFC team member added that financial reprieved countries like Venezuela have shown the most participation with other players like Russia joining this bandwagon.
Russia’s appetite for digital currencies has been on an uptrend over the course of 2018. Coin Dance provides stats to support this statement; Localbitcoins trading activity within Russia increased gradually to close the year at a high. Initially, the platform facilitated the trade of coins worth $10.6 million and closed the year with a weekly trade of $18 million.
Crypto Purchase Avenues In Russia
With the growing options in crypto, one would not be surprised that Russians have several options when it comes to buying digital currencies. The country is friendly to a couple crypto exchanges whose services are trusted by the public so far. One can easily purchase Bitcoins or altcoins from Bitstamp, Bitfinex & Exmo while in Russia provided they meet the KYC requirements and fulfil transaction obligations. In addition, the crypto enthusiasts can access less popular coin platforms like Livecoin, C-cex & Hitbtc. Huobi also made a move into this potential market and has since incorporated a Russian oriented website for this purpose.
Alternatively, the crypto savvy individuals can leverage Webmoney to access crypto coins. The platform made efforts to enable the trade of fiat-crypto currencies for its clients. Its advantage is having direct links with banks that facilitate cashing out of the digital assets into one’s bank card. However, analysis show this approach might be costly owing to the high nature of exchange rates.
This growing popularity of crypto exchanges in Russia has pushed for tighter due diligence measures to protect consumers. At the moment, crypto traders are able to do background checks via ‘Best Change’, this platform is designed to provide Russians with information on legitimacy of exchange networks. Also, one is able to get the options available for fiat-crypto exchange through this website.
Another development that seems to have found way into the Russian market is cryptocurrency ATM’s. As of today, 20 of the country’s cities enjoy a good number of these machines although they mainly indulge in popular altcoins like the BTC, LTC, ETH & BCH. Some of the machines have enhanced capabilities to facilitate cryptocurrency sales at the same time. The latest product to launch in this market is a Russian BATM tracker, a concept whose fundamental value can only be revealed with time!
The final avenue for trading cryptocurrencies in Russia are Telegram bots. These have been programmed to support communication in Russian as well as connect potential sellers and buyers at a fee.