Russia Boasts Biggest Trading Volumes on LocalBitcoins Exchange

  • Alex Dovbnya
    📰 News

    Russia is dominating on Helsinki-based P2P cryptocurrency exchange LocalBitcoins. The country is responsible for 26.5 percent of the total trading volume on the exchange

Russia Boasts Biggest Trading Volumes on LocalBitcoins Exchange
Cover image via u.today

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.
 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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