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LocalBitcoins Sets New Record Volumes in Pakistan, Russia, and Canada


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The trading of Bitcoin is always subject to different interpretations. Most people think of Bitcoin as being bought and sold on traditional exchanges, even though they may not bring in the most volume per country. New LocalBitcoins trading charts go to show the platform is firing on all cylinders in several countries across different continents.

Bitcoiners all over the world are well aware of how the Russian media watchdog restricted access to LocalBitcoins a few weeks ago. Despite this government intervention, the platform continues to see record trading volumes as far as the Russian Ruble is concerned. Bypassing this blockade is rather easy to do, after all.

LocalBitcoins Becomes Popular All Over The World

Just last week, the LocalBitcoins platform recorded a new record turnover in Russia. Over 260 million Ruble changed hands in exchange for Bitcoin on the platform in just one week. Quick conversions to a USD value tell us that is close to US$4m in trading volume for one week. Not bad at all, considering there is no clear definition on the legality of Bitcoin in Russia right now.

But Russia is not the only country to keep an eye on. Consumers all over the world are starting to appreciate Bitcoin for what it can offer. Not anonymity or an option to conduct an online crime, as most people would suspect. Bitcoin provides a way out of the crumbling financial ecosystem we live in right now.

Developing regions are prone to Bitcoin disruption as well. Venezuela, for example, is now a country where the definition of financial value became very different compared to a few days ago. The situation is getting very dire, and there is no fresh capital flowing into the country. Consumers and business owners are hedging against the bolivar collapsing completely by moving whatever funds they can into Bitcoin.

Pakistan is following that lead by example, as they are showing a growing interest in Bitcoin as well. So far, the country has flown under the Bitcoin radar most of the time. But that situation is seemingly starting to change for the better. At the same time, it is important to note there is no mass adoption of cryptocurrency just yet, even though that may become a reality in a few years from now.

Interestingly enough, Canada remains very keen on Bitcoin as well. Even though the country has plenty of alternate payment options other than cryptocurrency, LocalBitcoins is doing quite well in that part of the world. Weekly volumes have been increasing gradually, and a new peak was reached last week. Although this only represents CA$361.716 of volume during one week, it is a significant increase.

Header image courtesy of Shutterstock

JP Buntinx
JP Buntinx
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.


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