NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Russia Tops Peer-to-Peer Bitcoin Volume Despite Strict Restrictions, Surprising Data Finds

Samuel Wan
Samuel Wan
1 year ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Russia stands out as the global leader in Bitcoin volume, according to CryptoDiffer. The research firm compiled data from LocalBitcoins, a widely-utilized peer-to-peer cryptocurrency exchange.

BITCOIN INTEREST BY GEOGRAPHY IN APRIL

We took a look at the #Bitcoin $BTC #BTC trading volume by countries on @LocalBitcoins in April.

Data by @Coin_Dance pic.twitter.com/KzTTmPcnqX

— 🇺🇦 CryptoDiffer – StandWithUkraine 🇺🇦 (@CryptoDiffer) May 3, 2020

Russia Tops LocalBitcoin For BTC Volume, But How Meaningful is the Data?

Of the 17,825 BTC traded on the platform last month, Russia accounts for almost a quarter of transactions at 22%. This is followed by Venezuela at 13%, with the USA taking third place at 11%.

However, in recent times, Finland-based LocalBitcoins has lost much of its standing as an influential force. While the likes of Binance reported an average daily trading volume of $2,852,591,354 in 2019, LocalBitcoins has suffered a decline in trading activity over the same period.

The chart below shows the total volume on LocalBitcoins.com going back to March 2016. For the 30-day period to December, 14th 2019, the total volume was around $40million. This equates to an average daily of $1.33 million, a fraction of what Binance turns over.

Trade volume including Bitcoin for LocalBitcoins
Source: coin.dance

Some attribute the decline of LocalBitcoins to the platform losing its unique selling point – as a relatively anonymous way to buy and sell Bitcoin. But EU KYC requirements meant users now have to identify themselves, effectively ending this practice.

Russian Officials Remain Frosty Towards Bitcoin

Russia remains an uncertain territory for Bitcoin. As recently as last month, Russia’s central bank announced a digital assets bill that will restrict the issuance and selling of cryptocurrencies.

The move is the result of concerns, by government officials, that the rouble should remain Russia’s only legal payment method. Alexey Guznov, the Russian Central Bank Head of Legal justified the position on the grounds of protecting investors.

“We believe there are big risks of legalizing the operations with the cryptocurrencies, from the standpoint of financial stability, money laundering prevention and consumer protection.”

Guznov conceded that Russia cannot enforce a ban on Bitcoin and other cryptocurrencies. He added that people are free to trade in jurisdictions that allow for that. Moreover, no punishment will come with respect to possessing cryptocurrencies.

Putin Drops Cryptocurrency Knowledge

Commentators believe Russia’s digital assets bill intends to facilitate a new era of state-controlled digital currency. Above all, one with minimal private-sector competition, especially from the likes of Bitcoin.

If this video is real, it highlights just how well understood Bitcoin is by the world’s most powerful people.

The next reserve currency won’t be controlled by a nation state. https://t.co/hsay8EhhZV

— Pomp 🌪 (@APompliano) April 28, 2020

In a TV interview from 2018, Putin stated that any state-controlled digital currency is by definition not a cryptocurrency.

“Just as it is impossible for any other country to have their own cryptocurrency because if we are talking about cryptocurrency, it is something beyond national borders.”

Rumors of a gold-backed Russian digital currency have been doing the rounds for over a year now. And while Russia has openly shunned Bitcoin, a recent tweet from Anthony Pompliano shows that President Putin is clued in on the value proposition offered by Bitcoin.

Tweet123Share213ShareSend
Samuel Wan
Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

비트코인, 도지코인 및 밈코인 일제히 상승세... 토큰6900도 따를까?

비트코인, 도지코인 및 밈코인 일제히 상승세… 토큰6900도 따를까?

비트코인이 10만 9천 달러를 돌파하면서, 암호화폐 시장 전반에 강력한 상승 신호를 던지고 있다. 이더리움(Ethereum, $ETH) – up 4.65% 리플(XRP, $XRP)...

Soyeon Lee 4 hours ago
elon musk DOGE

Elon Musk plant onthulling ‘America Party’ – significante invloed op crypto markt verwacht

Er is weer volop reuring rond de naam Elon Musk. Hoewel er na de ruzie tussen Musk en Trump enkele...

Lars Diederiksen 4 hours ago
XLM

XLM Traders, Beware! Stellar’s Funding Rate Is Plummeting

Stellar Lumens hit a critical support level this week at $0.20, putting the token in a precarious spot. At that...

Christian Encila 5 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

Bitcoin To Repeat Parabolic Phase From 2017 And 2021? Here’s The Target

Scott Matherson 1 hour ago
Ethereum

Ethereum Breaks Higher With Conviction: No Signs Of A Breakdown Yet

Godspower Owie 2 hours ago

$400M Crypto Seizure by Secret Service Highlights Why Cold Storage and Best Wallet Are Essential

Aaron Walker 3 hours ago

Premium Sponsors

Press Releases

  • XRP, SOL, LTC holders turn to OPTO Miner to earn $5,777 in...

    29 minutes ago
  • More and more XRP and ETH holders are turning to APT Mienr...

    39 minutes ago
  • 新しい仮想通貨|今買うべき注目の3つの新プロジェクトと高い成長可能性

    ...

    2 hours ago
  • 本日の暗号資産市場が上昇中、その背景とは?次のラリーに備える仮想通貨おすすめ3選

    ...

    3 hours ago
  • 2025年にCardano、XRP、Pepeが急騰か?注目の仮想通貨プレセールと次なるミームコインの動向

    ...

    4 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.