Russia Leads in P2P Bitcoin Transactions

According to CryptoDiffer, Russia is a world leader in the volume of bitcoin transactions on the LocalBitcoins platform. Of the 17,825 BTC traded on the platform last month, Russia accounts for almost a quarter of transactions, it is about 22%. It is followed by Venezuela with 13%, and the United States take third place with 11%.

However, recently the LocalBitcoins platform has lost a significant part of its standings, as evidenced by the general decline in trading activity. The reduction of the trade volume is resulted with the decision taken by the platform administration to abandon the users anonymity.

The researchers suppose that the reason for the increase in the number of bitcoin transactions in Russia is that relations in the crypto industry are not regulated. Russian President Vladimir Putin in 2018 stated that any state-controlled digital currency is by definition not a cryptocurrency. Alexey GUZNOV, the Russian Central Bank Head of Legal, noted that the state cannot introduce a ban on bitcoins and other cryptocurrencies. He also added that people are free to trade in those jurisdictions that allow this — moreover, there is no penalty for owning cryptocurrency.

Image courtesy of Letknow News