Bitcoin and Russia remain at odds with one another. The country is not too keen on embracing foreign currencies in general, and cryptocurrency is certainly not on their Christmas card list. However, the local population is showing an increasing demand for Bitcoin as of late. Do keep in mind this all needs to be taken with a grain of salt, as trading volumes remain very small.
Compared to the peak of Bitcoin trading volume in 2013, Russia continues to show an increasing appetite. In fact, a new record price was set on the BTC-E exchange in June of 2016. With global prices on the rise, the RUB value is following the same pattern. On paper, this is a positive development, but it is only one facet of the story.
Several reasons could be contributing to this RUB Bitcoin price rise. First of all, there is the inflation plaguing the country, forcing traders and investors to look for other assets. High inflation reduces purchasing power and wealth, and moving funds out of Russia is not easy. It is not as complicated as in China either, mind you, but far from convenient.
Russia Likes And Dislikes Bitcoin Equally
To put the inflation