Bitcoin trading in Russia is on the rise, despite flawed regulation and conflicting statements from lawmakers. According to Bitcoin exchange Paxful, Russians' use of its platform has grown by 350% over the past year. Especially, sales increased during the coronavirus pandemic. For example, in May, trading grew by 50% and this is not the only record figure.
Paxful's growth is a sign of its growing status in the P2P scene, but the exchange has yet to overtake the main leader LocalBitcoins. Russia is the largest P2P bitcoin trading market in Europe, and a large amount of trading volume goes through LocalBitcoins.
According to Useful Tulips, while Paxful ended the month with just under half a million dollars in trading volume, LocalBitcoins in Finland recorded over $31 mln. However, Paxful has already established itself as the preferred P2P platform in Africa and is fast closing in on LocalBitcoins in Latin America.
Image courtesy of Master the Crypto