Russia and Venezuela control the majority of LocalBitcoins volume

28 Oct, 2018
by Will Heasman
Russia and Venezuela control the majority of LocalBitcoins volume

An analysis undertaken by the block crypto has revealed that a combined 38.7% of volume from peer-to-peer Bitcoin exchange – LocalBitcoins – is from Russia and Venezuela.

The report relays that it can sometimes be difficult to ascertain which price wise country responsible for volumetric data, as typically online exchanges don’t realize that information. However, LocalBitcoin does something to ease that problem by separating the data of its weekly trade volumes by country.  

On critical caveat is that a decrease in volumes doesn’t necessarily correlate to a decreased demand for bitcoin in a country, it may be more indicative of a change in the nature of trading in the given country, for example, a development of regulation that favors online exchanges and vice versa.

According to the statistics Russia dominates the majority of the volume with a substantial 26.5%, a figure that is backed up by the fact that Russian officials are currently looking into legislation that will decide on the legality of domestic cryptocurrency exchanges.

Following just behind Russia is Venezuela at a sizable 12.2%, again unsurpsingly given he current finanacial crisis affecting the country.

Encouragingly this analysis shows that Bitcoin is becoming ever more imporrant in deloping counties. In July 2013, around 90% of all volume was dominated by the UK, the US, and Australia. 5 years on and those countries share just 19% of all volume.

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