Is Russia a cryptocurrency world leader?

When you think of the country’s that are leading you probably think of Malta and how its prime minister proudly speaks at an UN meeting and says, “crypto is the inevitable future of money”. Or more of Switzerland where the SIX just announced they will be adding a crypto ETP fund called HODL5. But where do you think of when you hear Russia? And how powerful is Russia when it comes to cryptocurrency?

Russian mining farms are some of the biggest in the world. An estimated 600 bitcoins are mind each month in Russia due to its low electricity prices which each month still ad up to 120.000 USD in total. 

 

Russia has restricted cryptocurrency but also sees an increase demand of citizens who want to invest their Roubels in cryptocurrency. Moscow already has a big trading volume which on peak days can reach as high as 50 million USD and that is only for in and around Moscow. 

 

Officially Russian citizens aren’t allowed to invest in cryptocurrency but because cryptocurrencies are considered as properties and the money people invest is from a legitimate source it is technically legal. Aleksei Karpenko, senior partner at the law firm Forward Legal said, “There is a common rule – if specific transactions are not prohibited, then they are allowed. This is a matter of agreement between a buyer and a seller.”

Is Russia a cryptocurrency world leader?

Still keeping this in kind there is a clear view in growth when it comes to the Russian crypto market all due to the lack of regulation and surveillance unlike in Isreal. Still it is a whole different sotry when it comes to companies. It is kind of a mistery if companies are allowed to operate crypto trading platforms. Previously, the Russian government drafted three legislations around cryptocurrencies and crypto-related businesses, kind of the same as the latest crypto based regulation proposal of the Dutch Central bank.

Still Cryptocurrency is becoming more and more popular even so popular that crypto exchange platform Huobi has recently opened its first Russian office in a partnership with the State Bank’s Digital Tech Center. 

 

Huobi senior business director David Chen said that the launch of Huobi Russia as it is calls will help to promote the company’s “leading technology and trading expertise to Russian users,” including such skills as “unmatched safety, stability, and user experience.” Russia might not be the biggest supporter of crypto but it citizens have made clear they like the idea of cryptocurrency and the potential of blockchain and on the end of the day that’s what counts.

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