Russia has become the world leader in trading volume on the LocalBitcoins platform in a year and a half.
From January 1, 2017 On October 1, 2019, LocalBitcoins users completed transactions of 1.6 million BTC. 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 reasonsSuch high indicators in Russia is the use of cryptocurrencies by local business to circumvent sanctions. China experts called the “obvious” market for LocalBitcoins, given the ban on cryptocurrency exchanges in the country.
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.
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.