Most BTC transactions on LocalBitcoins are carried out by users from Russia (17.4%), Venezuela (12.3%) and Colombia (11.3%).
The leadership of Latin American countries in LocalBitcoins is the result of the high inflation these countries suffer and the desire of their citizens to protect their savings, while Russian users use the platform due to the strict capital controls and regulation.
The United Kingdom (6.3%) and Nigeria (5%) are fourth and fifth on the list. Residents in Argentina, Chile and Brazil, who are facing high economic uncertainty due to the coronavirus pandemic, are also very active.
P2p platform Paxful announced back in September it had stopped offering its services to Venezuelan users due to US sanctions.
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