An increasing number of platforms are allowing Russian residents to purchase cryptocurrencies using their local fiat currency, the ruble (RUB).
Crypto Searches on Google and Yandex Increase
A growing number of P2P platforms and cryptocurrency exchanges are now allowing Russian residents to purchase cryptocurrencies with ruble. The increase in the number of platforms supporting crypto purchase with fiat currency coincides with the resurging cryptocurrency market, which sees the Bitcoin price inching closer to the $10,500 mark. The cryptocurrency community is hoping that the BTC price continues to increase as interest in decentralized currencies rises.
The upcoming halving of Bitcoin is noted as one of the critical drivers for Bitcoin’s price surge so far this year. In addition, global Google searches for Bitcoin has hit a monthly high this February as more people become interested in the crypto space.
In Russia, the number of Bitcoin searches on both Google and its local search engine platform, Yandex, has been on the rise. Data shows that Russian users have been asking the search engines for the current price of Bitcoin in both US dollars and rubles. In the past seven days, there has been a 350% increase in Google search regarding the Bitcoin Cash (BCH) rate. On Yandex, “buy bitcoin” has also become a commonly searched word.
Qiwi, Sberbank, Yandex Money, and Binance Support Crypto Purchase With Ruble
Despite the regulatory challenges in Russia, cryptocurrency exchanges in the country keep thriving. Russians are getting more options available to purchase cryptocurrencies using their local fiat currency. At the moment, a wide range of exchanges support crypto purchases using ruble.
The Bestchange.ru website lists a wide range of options available to users regarding cryptocurrencies and their payment methods. The platform mentions several verified online exchanges that allow people to purchase and sell the cryptocurrencies of their choice and the various payment options available for fiat.
Amongst the platforms listed, Qiwi has the largest share of all exchanges, accounting for 9% of BTC purchases made with fiat currency. Qiwi is one of the most popular electronic wallet providers in Russia and it is easy to open an account with them. The data further shows that around 8% of the funds obtained by selling BTC were transferred to Sberbank.
For cryptocurrency exchanges, a few names were mentioned where people could buy and sell cryptocurrencies with the ruble. Netex24 accounts for 5% of buying and selling famous cryptocurrencies via Bestchange.ru. You can pay for major cryptos like BTC, BCH, ETH, LTC, and USDT with leading payment processors like Tinkoff, Yandex Money, and Приват24 (Ukrainian Privatbank’s internet banking service).
Other platforms that are gaining popularity for allowing crypto purchase with fiat currency include 365Cash (4%) and Шахта (3%). Binance, the largest crypto exchange in the world, added the Russian ruble to its peer-to-peer (P2P) trading platform earlier this week. With this, it joins other exchanges like Huobi Russia, Exmo, and Currency.com as global cryptocurrency exchanges that accept rubles for cryptocurrency purchases on their platforms.
Binance is excited to provide the options to the Russian residents. Binance CEO Changpeng Zhao acknowledged that Russia is a vibrant market to boost cryptocurrency and blockchain development. As a result of this, they are making it easier for people to purchase digital currencies with fiat currencies in the country.