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Author Topic: ###Bitcoin trading is booming in Russia, says Crypto Exchange Paxful  (Read 87 times)

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Bitcoin exchange Paxful reports a 350% increase in users from Russia, registering month-over-month all-time highs since the start of the coronavirus crisis in March.


In brief


Bitcoin trading in Russia has grown in 2020, despite regulatory uncertainty regarding crypto in the country.


Paxful says its seen a 350% increase in users from Russia over the last year.


A new law that gives crypto legal status could drive further growth of the Bitcoin market in Russia.


Bitcoin trading is alive and well in Russia.


For years, traders and crypto enthusiasts in Russia have had to deal with the regulatory uncertainty and conflicting statements from the nation’s lawmakers.


Yet, despite these problems, Bitcoin trading has not only survived in Russia—it’s growing, according to data from peer-to-peer Bitcoin exchange Paxful. Over the last year, the firm reports a 350% increase in usage of its platform in the Eastern European nation.


Ever since the start of the coronavirus pandemic outbreak in March, Paxful has experienced month over month all-time highs in new user registrations on its exchange, the company said in a statement.


What’s more, beyond COVID-19 and the ensuing economic turmoil around the world, a recent legal clarification that favored Bitcoin hodlers and traders in Russia may set the stage for even more activity in the region.


On July 24, and after several months of discussion, the Russian Duma finally passed the new "Law on Financial Assets." The law ruled out criminalizing cryptocurrency, which some industry observers expected, giving cryptos legal status but banning their use in commerce as payment solutions.


 

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