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Moscow Opens its First Bitcoin Exchange

Last Updated March 4, 2021 4:50 PM
Rebecca Campbell
Last Updated March 4, 2021 4:50 PM

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 a local news report, ForkLog.com .

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.com reported that Russia had proposed a digital currency ban with the Deputy Minister of Finance in Russia hoping that a draft law calling for the penalization of bitcoin would pass to the State Duma.

In July, however, Russia relaxed its stance against a digital currency ban by adding a new amendment to the bitcoin ban bill that would allow for the purchase of the digital currency in the country. This would permit it to be used and sold in other countries, according to CCN.com reports.

With Russian authorities now reversing their idea to penalize anyone caught in cryptocurrency operations in the country, which could have resulted in fines as high as $38,000, and with the opening of its first exchange, it looks like the country is finally accepting the digital country.

Featured image from Shutterstock.