Cryptocurrency trading is not considered to be illegal, but the process is not regulated in any way: the law neither allows nor forbids buying cryptocurrency or using it or pay for goods and services, or changing it for rubles and vice versa. That's why it is sometimes wild and mindblowing, the Russian media outlet Vedomosti reports.
If you have extra liquidity and you want to change it for cryptocurrency, you have quite a few options, including peer-to-peer platforms and marketplaces that connect buyers and sellers keep things private and anonymous, street cryptocurrency exchanges and backstairs places from spy movies.
- P2P exchange platforms
The most popular P2P platform for cryptocurrency trading is Helsinki-based Localbitcoins with an average daily transaction volume of about 1000 BTC. The procedure is as straightforward as buying a secondhand vacuum cleaner: you get in touch with the seller, discuss the price, and fix the meeting, where you exchange your cash for some digital coins. It's simple, easy and anonymous: no personal data is required, and the tax authority will never get after you. However, this comfort comes at a price as both buyers and sellers risk getting screwed or robbed.
Inte...
This article appeared first on Cryptovest
