Russia and Venezuela are leading in the volume of transactions on LocalBitcoins

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Russia and Venezuela are leading in the volume of transactions on LocalBitcoins

Russia’s share in the transactions of the most popular cryptobinary p2p platform exceeds the share of the USA and China combined.

Every fourth bitcoin on the world’s most popular cryptobinary site LocalBitcoins is purchased or sold for the Russian roubles, and every eighth for Venezuelan bolivars (see photo). This is evidenced by the data service Coin Dance, covering the third week of November.

If Venezuela, where citizens seek to protect their savings from hyperinflation, all more or less clear, unequivocal leadership of Russia in this ranking may seem surprising. Especially considering that in 2013, the combined share of the United States, Britain and Canada accounted for 90% and is now lower than in Russia, only 19%.

According to analysts of the edition of The Block, it indicates not only and not so much about the growing role of emerging economies in the ecosystem of cryptocurrency No. 1. The role played by infrastructure development, in particular, the availability of alternatives, for example, access to regulated cryptocurrency exchange where you can exchange the crypto for Fiat.

It is appropriate to recall the recent statement of the head of the Commission on trade commodity futures U.S. (CFTC) and Christopher Giancarlo, who said that the cryptocurrency is not to supplant the dollar or other hard currencies, and that their prospects are associated with countries where the national currency is weak.

“The world is full of countries who need the functional currency and their own monetary units per se are not. See currency 2/3 countries, probably, are not worth the paper on which they are printed, — said Giancarlo. — That’s where bitcoin and other cryptocurrencies will be needed. Let it happen and not in the next couple of years, will need more time, perhaps 10 years”.

Also note that user activity and regulatory activity of governments – volume countries with the largest population in the world, but with the tough attitude of the authorities to cryptocurrencies, relatively modest. China accounts for 9.7% of all transactions in India – and at 2.1 per cent, or just two times more than in Ukraine.

In both countries the activities kryptomere banned – and if the Indian judicial process on this issue continues, China is its policy towards cryptocurrency to reconsider not going.


Dmitry Gorulko

In journalism since 2000. Worked in different Ukrainian and European media, was a freelance author of several business media outlets. Translator, reporter, columnist, editor and Deputy editor of the news. Professional interests – from energy to business intelligence, and more recently – and Finance. Have worked long and hard with the news, I think this genre is the most interesting, dynamic and relevant. Informational website with no news at all – wasted money in my opinion.

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