It seems LocalBitcoins has become the new hot (and illegal) business in Russia.
Just last week, the company saw record transactions when over 250 million rubles were exchanged for everybody’s favorite digital currency, equaling nearly $4 million in USD. Despite Russian regulators restricting access to the site back in September, the company is not only doing business, it appears to be thriving.
Russia has certainly had an up-and-down relationship with digital currency over the last four years. From enforcing penalties upon those using it to saying it’s “not so bad,” Russia just can’t seem to make up its mind. When Russian legislators banned the site a little over a month ago, LocalBitcoins released the following statement:
“Recently, Roskomnadzor, [decided] to block LocalBitcoins in Russia. For us, as well as for you, this decision was very unexpected. These instructions will help you to continue to use our resources, in spite of the [block on] LocalBitcoins.”
And while unending risks of potentially getting caught remain, several users have taken these instructions to heart and bypassed restriction to continue to utilize the site’s services.
For the most part, many countries across the globe seem to believe that bitcoin is no longer a