A recently published report shows that Russia is dominating on a Helsinki-based P2P cryptocurrency exchange LocalBitcoins. The country is responsible for 26.5 percent of the total trading volume on the exchange. In Russia, cryptocurrencies still remain in a legal grey zone (a legislation that will grant crypto legal status is expected by the end of 2018).
Venezuela, the country that is plagued by onerous hyperinflation, occupies the second spot with 12.2 percent. Nevertheless, some critics claim that these massive volumes do not reflect the real popularity of Bitcoin due to an extreme level of Bolivar depreciation.
During 2017, when the cryptocurrency industry starting growing at a staggering speed, the popularity of LocalBitcoins skyrocketed as well. However, the recent murder of a Swedish trader made everyone question the safety of this platform once again.