Moscow’s local fiat to crypto exchanges and individual traders, mostly from Localbitcoins, has been proliferating in the capital. The total daily yield runs between $10 million to $50 million.
Alena Sukharevskaya, a journalist from Vedomosti, dropped by one of the city’s exchange shops located in Moscow International Business Center where she found a rise in trades made that value over $100,000. According to the founder of Berkut Corporation, an estimated 50 percent of the transactions are with individuals who wish to take part in ICOs, 10 percent of Berkut Corporation’s clients are cryptocurrency traders, and another 10 percent are dealers.
Another Moscow based cryptocurrency trading company, International Cryptocurrency Center, has mentioned they welcome about ten to fifteen clients per day.
Vedomosti approximates around $400,000 are profited by the city’s fiat to crypto exchanges. The profits come from the 1.5 to 2 percent fee they charge, this is besides the rates from Binance and Bitfinex.
A further statistic asserted by Vedomosti states that city wholesale merchants are responsible for the 30 percent of turnover figures with most of them Chinese. These Chinese merchants employ the means of cryptocurrency as a form of payment for their imported merchandise.
Bitcoin and Ethereum are two of the most prevalent virtual currency among Russians. There is no current policy in the country that outlaws the use of cryptocurrencies in trade, payments, or exchanges. Lawyer Aleksei Karpenko explains that money gained from ill means used to exchange for cryptocurrency is illegal. But if the money is clean, citizens of Russia should have the right to acquire cryptocurrency as property.