LocalBitcoins Sees Increased Business in Russia

It seems LocalBitcoins has become the new hot (and illegal) business in Russia.
Just last week, the company saw record transactions when over 250 million rubles were exchanged for everybody’s favorite digital currency, equaling nearly $4 million in USD. Despite Russian regulators restricting access to the site back in September, the company is not only doing business, it appears to be thriving.
Russia has certainly had an up-and-down relationship with digital currency over the last four years. From enforcing penalties upon those using it to saying it’s ‘not so bad,’ Russia just can’t seem to make up its mind. When Russian legislators banned the site a little over a month ago, LocalBitcoins released the following statement:

This post was published at NewsBTC

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