It is fair to assume that Russia is one of the world's regions where cryptocurrency adoption is growing. Still, it is difficult to test the regulatory environment in the country.
A newly released analysis by Xangle Research shows that the nation is a crypto hotbed in 2020. The report also quotes Binance CEO Changpeng Zhao (CZ), who said: "Russia is our main area, one of the most competitive markets in blockchain global space."
The Xangle Study report is a detailed look at the partnership of the crypto economy with Russia this year, and the author also points out that the field is a "primary market for crypto."
Mining and trading are two of Russia's primary industries that currently drive the crypto climate. The market for crypto trading is strong, "Xangle says.
Source Bitcoin.com
"Russia [also] holds the [third] highest BTC mining force (hash rate) in the world: 6.9% comes from Russia as of April 2020, according to Cbeci.org," the report points out.
The 2020 crypto study covering the world notes that "a substantial portion of the traffic to major crypto exchanges originates from Russia." Xangle's figures indicate that Binance absorbs much of Russian traffic and that the trading site is accompanied by Coinbase, Bithumb, and Kraken, respectively.
Source Bitcoin.com
"Crypto derivatives markets are still quite common in Russia," the study shows, naming the two most popular websites, Bitmex and Bybit.
Despite the law's crypto acceptance, Xangle researchers point out that the cryptocurrency bill that Putin has signed continues to ban crypto usage as a form of payment in Russia.
Among the luminaries, scholars, and lawmakers mentioned in Xangle's 17-page report, the writers even mention Putin's recent comments.
"The Central Bank of the Russian Union finds cryptocurrency neither a form of payment nor a cash store," said the Russian President at the end of Xangle's Russian crypto report. "Cryptocurrency is not protected by anything at all. It should be handled gently, carefully, "said Putin.
Source: Bitcoin.com
