How to buy Bitcoin in Russia
Russia’s previously negative view towards cryptocurrencies has led to a lot of confusion about the legality of buying and owning Bitcoin in the country. Back in 2014-15, measures were introduced to prevent Russians from transacting, mining, or even accessing information about Bitcoin. Crypto exchanges and news sites were subsequently blocked. Since then, however, the country has started to take a more relaxed view towards Bitcoin. After several delays, crypto legislation is due to come into force this year, and there is an order from President Vladimir Putin for the government to work with the State Duma to adopt “federal laws aimed at the development of the digital economy”. Global exchanges, who now see Russia as an expansion opportunity, are increasingly
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Russia’s previously negative view towards cryptocurrencies has led to a lot of confusion about the legality of buying and owning Bitcoin in the country.
Back in 2014-15, measures were introduced to prevent Russians from transacting, mining, or even accessing information about Bitcoin. Crypto exchanges and news sites were subsequently blocked.
Since then, however, the country has started to take a more relaxed view towards Bitcoin. After several delays, crypto legislation is due to come into force this year, and there is an order from President Vladimir Putin for the government to work with the State Duma to adopt “federal laws aimed at the development of the digital economy”.
Global exchanges, who now see Russia as an expansion opportunity, are increasingly enabling people to buy Bitcoin in Russia. The country is even home to its own Bitcoin exchange.
Thanks to these developments, there are a few different ways in which you can buy Bitcoin in Russia.
Buying Bitcoin via an exchange
There are several cryptocurrency exchanges which allow people to buy Bitcoin in Russia. The first exchange you might want to check out is Matbea, which is actually based in Russia. You fund your account via a cash deposit or bank transfer before going on to buy Bitcoin.
If you’d prefer a more well-known exchange, you could head to Coinmama, which lets people buy Bitcoin with rubles via a credit or debit card. To buy Bitcoin through Coinmama, you’ll need to create an account, become verified, and then head over to the Bitcoin page to make your transaction.
Other exchanges to consider are Binance, OKEx, and Bitfinex, which all have Russian-language interfaces.
Exchanges such as these are considered the safest way to buy crypto, although you’ll need to go through their identity verification procedures and pay fees.
One thing to bear in mind is that although some exchanges accept rubles as deposits, this could prove to be expensive. According to Best Bitcoin Exchange, it is advisable to check the exchange rate of RUB/BTC compared to the rates available on international exchanges. In some cases, there can be a large difference between the price after translating RUB to other fiat currencies (such as GBP or EUR) and purchasing Bitcoin through those.
Peer-to-peer exchanges
Instead of a traditional cryptocurrency exchange, you could use a peer-to-peer exchange where crypto buyers and sellers connect with one another directly. A major advantage is you don’t usually have to undertake the lengthy ID verification process.
At Paxful, you can buy Bitcoin instantly using one of over 300 payment methods, including bank transfers, gift cards, PayPal, Western Union, Moneygram, and your personal debit/credit card. According to Paxful, over 10,000 Bitcoins have already been bought in Russia through the site.
An alternative is the popular peer-to-peer exchange LocalBitcoins.com. In the search box, you fill in the amount you want to buy in your currency, enter your location, and choose a payment method. The site will then list Bitcoin traders available in your region.
There is also Mycelium Local Trader, a platform which helps you to find nearby Bitcoin sellers. You meet up in person to conduct the trade. Make sure you pick a public location to meet, such as a restaurant, coffee shop, library, or bank lobby.
Other methods
If you already own another cryptocurrency, you could obtain Bitcoin by exchanging it through a platform such as Changelly. It’s considered the fastest way to buy Bitcoin because Changelly just exchanges your tokens as opposed to controlling them.
If you don’t want to use an exchange, you can buy Bitcoin in Russia through a Bitcoin ATM. According to Coin ATM Radar, there are currently 60 Bitcoin ATMs/tellers in the Russian Federation. Moscow itself is home to nine Bitcoin ATMs.
Conclusion
Russia has been slow to adopt cryptocurrencies, which means there are fewer options for buying Bitcoin than in some other countries. However, with the government taking a more welcoming approach towards crypto, we could see even more exchanges expanding to the country in the near future.
The post How to buy Bitcoin in Russia appeared first on Coin Rivet.
