Russia has become the world leader in trading volume at LocalBitcoins

Russia has become the world leader in trading volume on the LocalBitcoins platform in a year and a half.

CoinDance Data

Between January 1, 2017 and October 1, 2019, LocalBitcoins users completed 1.6 million BTC transactions. Russia accounted for almost 25% of the total. It is followed by the United States (17.8%) and China (13.1%).

The top ten also included Great Britain, Nigeria, Venezuela, Colombia, Australia, India and South Africa.

Some analysts believe that one of the reasons for such high rates in Russia is the use of cryptocurrencies by local businesses to circumvent sanctions. China experts called the “obvious” market for LocalBitcoins, given the ban on cryptocurrency exchanges in the country.

Cryptoslate Data

In terms of trading volume per 100 thousand inhabitants, Venezuela leads (317 MTC). Russia ranks second (272 military-technical cooperation). At the same time, the correlation between this indicator and inflation is mainly not observed.

Cryptoslate Data

Recall that in the summer LocalBitcoins removed the possibility of buying and selling cryptocurrency for cash in person, and in September, new user verification rules entered into force on the platform .

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