Russian Federation is among the small number of countries such as China and India, which imposed bans on digital currency trading, and with that comes a rising demand for the OTC Bitcoin financing, as well as investing in other digital currencies.
As per the local media outlets, such dominant digital currencies as BTC and ETH have hit the daily trading volume of 50 million US dollars in the city of Moscow alone, which is still not much compared to big cryptoexchanges, but still a significant amount considering the level of doubt among the Russian policymakers.
As the moment, financing digital currencies is still legal according to the local legislation due to the fact that the digital currencies are treated as properties. From the technical standpoint, there are no encumbrances for Russian residents and citizens to possess digital currencies, on the condition that the capital contributed to the digital currency is legitimately acquired in the first place.
According to the experts of law in Russian Federation, if certain transactions are not forbidden, they are, therefore, permitted and become subject to negotiations between the buyer and the seller.
Nevertheless, Russian Federation continues to endure the torpor in the development of the cryptomarket because of the inefficient efforts to regulate the space and provide formidable policymaking. Whereas the citizens are free to contribute their capital to the market, it is still unclear which rules apply to the firms in terms of cryptotrading operations.