Moscow Opens its First Bitcoin Exchange

Moscow Opens its First Bitcoin Exchange

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Days after Russian authorities reversed plans to penalize bitcoin use, the country’s capital has unveiled that it has opened its first digital currency exchange.

Launched in Moscow, the bitcoin exchange was opened by a team of bitcoin enthusiasts who will provide a 24/7 offline service for exchanging the digital currency, according to local news report,

Located at Novy Arbat, 8 St., the exchange currently only allows ‘one-way’ exchange where customers can sell bitcoins with the exchange carried out in private. Buying the cryptocurrency is unavailable at the exchange for now.

If it is a success, the team intends to officially register the exchange service so that they won’t face problems with authorities.

As it’s open twenty-four hours a day customers can come and go undertaking cash and cashless payments for bitcoin transactions. A transaction fee of 4 percent is applicable during the day from the BTC-e exchange and increases to 10 percent in the evening.

Russia Reverses Plan to Criminalize Bitcoin Use

Early this year, CCN reported that Russia had proposed a digital currency ban with the Deputy Minister

Read more ... source: TheBitcoinNews

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