Russia gets its first bitcoin exchange as confusion reigns over local attempts to ban cryptocurrencies

Russia gets its first bitcoin exchange as confusion reigns over local attempts to ban cryptocurrencies

Russia has joined the bitcoin age with the country seeing the opening of its first bitcoin exchange despite ongoing attempts in the country to ban the trade of cryptocurrencies.

The exchange, run by a group well-known as BTC24pro.com on LocalBitcoins, is a physical office that allows customers to convert bitcoin into Russian Rubbles but does not allow the purchase of bitcoin itself.

Located at Novy Arbat Street 8 in Moscow, the exchange runs 24 hours a day, seven days a week, and charges 4 percent on top of the BTC-e exchange rates for the service during the day and 10 percent for transactions during night time hours.

The legality of the exchange is another matter, with the Russian Government having a long track record of wanting to ban trade in cryptocurrencies; reports in the Russian press (Google Translate link)

Read more ... source: TheBitcoinNews

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