Odaily Frontline | Report: Despite an Uncertain Regulatory Environment, Russia Remains a Key Crypto Market
This article is from:Bitcoin.com, original author: Jamie Redman
Odaily Translator |
This article is from:
, original author: Jamie Redman
Over the past few years, Russia has grown more and more enthusiastic about crypto-assets. This week, Xangle Research published a comprehensive report on digital currencies and the Russian environment in 2020. The findings suggest that Russia is one of the key global players when it comes to the crypto economy, but the researchers stress that it is "not very easy" to find reliable information on the topic.
It’s safe to say that Russia is one of the regions in the world where cryptocurrency adoption is booming, but it’s difficult to verify the regulatory environment in the region.
A recent study published by Xangle Research suggests that Russia will become a hotbed for the crypto industry in 2020. The study also cites Binance CEO Changpeng Zhao as saying: “Russia is our key market and one of the most active in the global blockchain space.”
image description
Exchanges in all regions in the graph have a large amount of network traffic from Russia.The Xangle Research report takes a comprehensive look at the crypto economy’s relationship with Russia this year, with the authors also highlighting that the region is a “key market for crypto.”“Russia (also) has the third largest BTC mining power (hash rate) in the world: According to Cbeci.org, as of April 2020,
6.9% of hashrate comes from Russia
. ” The report also emphasized.
As of April this year, Russia has the third largest Bitcoin hash rate in the world.
Additionally, the report states: “A significant portion of traffic to major crypto exchanges comes from Russia.” Statistics from Xangle show that Binance gets the majority of traffic from Russia, followed by exchanges Coinbase, Bithumb, and Kraken.
“Crypto derivatives exchanges are also very popular in Russia,” the report noted, citing Bitmex and Bybit as the two most popular platforms.
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The picture shows an encrypted asset exchange that provides on-ramps for Russian rubles.
Cryptocurrency exchanges that offer access to ruble fiat tend to have the most web traffic from Russia.
Trading platforms such as Binance, OKEx, and P2pb2b already have ruble fiat on-ramps, and at the same time have the highest traffic from Russia. Despite huge internet traffic, the ruble is "not actively used in transactions" as it occupies "less than 0.3% of the market".
“Despite its popularity as a fiat currency on-ramp, the ruble is not actively used for transactions,” the Xangle Research report highlighted.
The report also mentions some of the regulatory environment in Russia regarding digital currencies. The study discusses the law signed by Russian President Vladimir Putin, which will take effect on January 1, 2021, which will give legal status to cryptocurrencies.
Additionally, the report mentions that Russia’s largest bank, Sberbank, is considering creating a stablecoin.
