The P2P cryptocurrency sector in Russia generates a remarkable $296 million on a daily basis.

Reports indicate that the fast-growing P2P cryptocurrency market in Russia is handling as much as $296 million in trades on a daily basis. according to Schard This information was shared at a blockchain conference organized by Sber, which is the largest financial institution in Russia.

Despite ongoing discussions about policy and regulation, there is still no formal oversight for cryptocurrencies in Russia. Russia Many nations have successfully implemented licensing systems for cryptocurrency exchanges, but the absence of a regulatory framework in Russia has led numerous prominent trading platforms to shift operations overseas, searching for more stable regulatory environments. This gap has allowed smaller exchanges and over-the-counter trading to flourish.

According to Schard, the significant daily transaction volume of $296 million is primarily accessible to Russian individuals looking to exchange cryptocurrencies for fiat money. Typically, sellers transfer their fiat currency to accounts at major banks, while buyers utilize debit or credit cards issued by these banks to acquire cryptocurrencies. Notably, a large portion of these transactions occurs through unregulated online exchanges.

Rule and Bitcoin

Engaging in these activities could pose risks for both clients and banks, particularly since these unregistered exchanges are utilizing bank accounts for processing transactions. Fedor Ivanov, the Director of Schard, expressed concerns that this practice could jeopardize the reputation of these banks. He pointed out that many crypto exchange services operate completely without official registration and lack a legal framework. Ivanov believes the industry urgently requires enhanced security measures, which would be beneficial for both individual investors and Russian crypto companies.

Russian legislators have outlined their intentions to legalize industrial-scale cryptocurrency mining and are looking to approve the use of digital tokens in cross-border trade by the end of this year. However, previous efforts along these lines have been met with significant roadblocks, mainly due to conflicting interests. While the Ministry of Finance is generally supportive of the crypto sector, the Central Bank remains wary of cryptocurrencies.

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