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  • P2P Bitcoin exchange Paxful has reported a 350% increase in users from Russia. 
  • Since March, Paxful has recorded month over month all-time highs in new user registrations.
  • Russia has passed a new law recently that legalizes cryptocurrencies. 

Peer-to-peer Bitcoin exchange, Paxful, has recently reported a 350% rise usage of its platform in Russia. Since the initial outbreak of COVID-19 in March, Paxful has recorded monthly all-time highs in new user registrations on its exchange. 

The recent legal clarification around digital assets has also paved the way for increased interest in the cryptocurrency space. After many months of discussion, the Russian Duma finally passed the new “Law on Financial Assets” just a few days back. The law has legalized cryptocurrencies but has banned their use in commerce as payment solutions. 

Anton Kozlov, Paxful’s Manager for the Russian market, said: 

Crisis aside, Russia has always had a monolithic banking system that is dominated by a few players, and the sentiment we get is that Russians are increasingly looking to find alternative ways to grow their earnings and participate in the financial markets.

Speaking of Russia, as FXStreet has reported before, Vladimir Putin has signed a law on the regulation of cryptocurrencies. From 2021, digital assets can be used as collateral, and exchange of one type of digital asset for another. Read more here.