The Russian P2P Crypto Market Is Worth $296 Million a Day
In Brief
The Russian P2P (peer to peer) crypto market is growing rapidly with $296 million worth of trades per day.
The rapidly growing peer-to-peer (P2P) crypto market in Russia is reported to be trading as much as $296 million daily, according to Schard, a cryptocurrency security platform. This claim was made at a blockchain conference held by Sber, Russia’s largest bank.
Despite years of political debates, cryptocurrency regulation remains absent in Russia. Many countries have established licensing systems for crypto exchanges. However, the lack of a regulatory framework in Russia has driven some of its major crypto trading platforms to relocate to countries with more regulated environments. This has provided an opportunity for smaller exchanges and over-the-counter trading.
Schard reports that this daily trade volume of $296 million is accessible to Russians interested in selling cryptocurrency for fiat currency. Transactions typically involve vendors sending their fiat to accounts at large banks, while buyers use debit or credit cards from major banks to purchase tokens. It’s important to note that most of these transactions are facilitated by unregulated online exchanges.
Rule and Bitcoin
However, this kind of operation could create risks for both users and banks, as these unregistered exchanges are leveraging bank accounts to complete transactions. Schard’s Director, Fedor Ivanov, suggested that this could potentially harm the banks’ standings. Ivanov claimed that most crypto exchange services operate entirely without registration, and lack an organizational and legal form. He believes the sector is in dire need of better security and that both individual traders and Russian crypto firms would benefit from a new regulatory system.
Russian lawmakers have stated their plans. They intend to legalize industrial crypto mining. They also want to approve the use of digital tokens in international trade by year’s end. However, previous commitments of this kind have often faced challenges. These obstacles primarily stem from an impasse. While the Ministry of Finance supports the crypto industry, the Central Bank maintains a skeptical stance on cryptocurrencies.
- Sberbank, Russia’s largest lender, has announced the launch of GigaChat, a cutting-edge chatbot technology that aims to compete with ChatGPT, which is banned in Russia. GigaChat stands out from other foreign neural networks due to its superior ability to communicate intelligently in the Russian language.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
