Russia has just become the most active country in Bitcoin trading on the p2p trading platform LocalBitcoins for the second month in a row amidst regulatory uncertainty in the country.
Earlier this week, it was known the country was considering a ban on the circulation and sale of cryptos. The official site of the Russian State Duma then published a new version of the draft law "On Digital Financial Assets" as well as a series of additional documents regulating transactions with cryptos. According to the amended version of the law, the circulation, mining and advertising of cryptocurrencies could be banned in Russia.
Coinciding with this regulatory uncertainty, Russia's Bitcoin trading volume on LocalBitcoins was higher than in any other country operating on the platform during April and May, according to CryptoDiffer.
Thus, Russia trades almost twice as many Bitcoins as Venezuela and the US. Coin Dance has reported that Russia's weekly BTC trading volumes on LocalBitcoins amounted to about 800 BTCs in May 2020, while the US and Venezuela's volumes stood at 400 BTCs.
A LocalBitcoins representative has confirmed the data. According to the company, in May Russia's trading accounted for 17.9% of the total trading volume on the platform.
LocalBitcoins has been offering BTC trading services against the Russian rouble since 2013. The company is trying to boost the Russian market, as in mid-April LocalBitcoins launched a blog in Russian while the platform has also been promoting its service to Russian users.
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