It is evident Bitcoin is taking off in Russia, as weekly trading volumes continue to increase on a near-weekly basis. Just last week, a new record was set as far as Russian ruble volume is concerned. In fact, this puts Russia in the number two spot on LocalBitcoins in the whole world, as they are just behind the United States for the time being.
Russia Shows An Increased Demand For Bitcoin
The Bitcoin situation in Russia has been quite strange in recent years, as the government is seemingly incapable of making up its mind regarding cryptocurrency. On the other hand, there are those who want to make Bitcoin transactions punishable by law, whereas others deem it as a legitimate currency.
A few weeks ago, the government issued a new decree that would make Bitcoin transactions on par with foreign currency exchanges. At that time, this proposal had yet to be turned into an official decree, which happened earlier this week. As of right now, Bitcoin is officially legal in Russia, and its transactions are not subject to additional scrutiny. That is, assuming users do not flock to Bitcoin for tax evasion purposes.
Although the Russian internet watchdog banned LocalBitcoins a few months back, the platform has seen a steady increase in Ruble trading volume since the Summer of 2016. Just last week, a new record-high volume was set, although it seems the trading business is hitting a glass ceiling right now. Reaching the 300 million Ruble mark has been a challenge for over a month now, although it seems only a matter of time until that threshold is reached.
Russia is not the only country in the world showing an increased appetite for the cryptocurrency, though. Then again, their demand for Bitcoin is quite noteworthy, given the uneasy political situation related to cryptocurrency over the years. Right now, Russia’s Bitcoin volume is the second-highest in the world, right behind the United States.
Whether or not this trend will continue over the coming weeks and months, is anybody’s guess right now. Demand for cryptocurrency is growing all over the world, and the price per BTC has been skyrocketing. Given the scarce supply of cryptocurrency, it is not unlikely a further price increase will occur before the end of the year.
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