Editor's Picks News

The “gray” market for the exchange of cryptocurrencies in Russia is estimated at hundreds of millions of dollars

Due to the unregulated cryptocurrency market on the territory of Russia has a thriving underground exchange cryptocurrency for Fiat currency — mainly in dollars. While demand for both online and offline exchanges, with the turnover estimated at hundreds of millions of dollars annually.

About it reports the edition “news” referring to own source in the company of one of the Baltic States, the employees of which carry out such transactions, as well as the banker of the top 20 financial institutions and participants of the stock market. According to the aforementioned banker, sometimes the conversation “leaving with suitcases of cash”.

To change the currency go to Russia from neighboring countries. There are countries where this market is legal, and many companies sell mining hardware, and legally accompany the release of players for ISO on real exchanges. Primarily Europe (Germany, Estonia, Sweden, Belgium). However, there is to carry out such operations more expensive, than in Russia. Due to the fact that in the EU the exchange of legal and see the regulators and the tax authorities, the Contracting parties have to pay fees on turnover or income tax. To avoid such costs, companies prefer to exchange cryptocurrency for dollars in Russia, where operations are not visible and the state do not need to pay.

“There is a favorable rate, and relatively low fees. We exchange cryptocurrency for cash dollars. Usually go by car so as not to risk it with the customs inspection at the airport”, — said the publication of foreign source.

In January 2018, the state Duma heard in the first reading the draft law “On digital of financial assets”. In this cryptocurrency introduced as a specific commodity, and mining — in the form of entrepreneurial activities of the it “production”. The document was sent back for revision, and for the second reading it has changed beyond recognition: so, the definition of cryptocurrency from him disappeared. Now we are talking about the digital creation of some shares in companies that they will offer to investors to raise capital. So, in the foreseeable future, Russia will remain a “hub” for the shadow of cryptocurrency transactions.


.

Related posts

The United States Patent and Trademark Office has granted a patent for micropayments for StormX

alfonso

Polkadot struggles to overcome resistance levels

Afroz Ahmad

BlackRock Updated the S-1 for Its Bitcoin Spot ETF

guido