Bitcoin [BTC] ATMs numbered 52 in Russia; Crypto-currencies have not yet received the green signal

Despite the lack of a legal framework to validate cryptocurrency transactions in Russia, the country would have at least 52 Bitcoin machines in operation. CoinATMRadar, the capital of Moscow, holds the largest number of BATMS (9), followed by 5 devices in Omsk and Rostov-on-Don, among other points of purchase.

CoinATMRadar, a Twitter user tweeted:

"Study reveals more than 50 Bitcoin ATMs operate legally in Russia"

Another Twitter user, DagoBit, commented:

"Oh..50? In whole Russia? It's the mbad adoption !! ? "

These established BATMs are legal in nature and have all major cryptocurrencies such as Bitcoin. [BTC], Bitcoin Cash [BCH]Ethereum [ETH], Litecoin [LTC], Monero, Zcash, Dogecoin and Dash in its system, allowing users to exchange fiat money with virtual money.

Exchange rates can be viewed in Russian rubles, US dollar, Indian national rupee [INR]etc., among other fiduciary currencies. Rusbit dominates the market with 47% market share and owns the majority of machines. Investcoin holds a 28% stake, followed by BTC-O-Matic with 19%.

As the legal status of the country's digital badets is still uncertain, more than 20 BATM were seized last year by the regulator, the Central Bank of Russia, in the context of the fight against illegal operations .

No significant progress has been made since the approval of the previously drafted bill, entitled – On Digital Financial Assets. The other two Cryptographic Bills – Attracting Investment Using Investment Platforms and Digital Rights have also been introduced in the Lower House of the Russian Parliament – The Duma.

Pravel Kasheninninov had previously called for major changes in the submitted document to speed up the course in order to put in place a comprehensive regulatory framework for cryptocurrency. As a result, erroneous terminologies were noted and the project was returned to the reading stage last year.

In addition, an experimental regulator was set up in the third week of January, allowing some IT companies and blockchain to deploy cryptocurrency transactions.

Anatoly Aksakov, Russian economist and member of the State Duma, said:

"The lawful sandbox law, which I hope we will adopt in the spring [parliamentary] session, will allow individual companies or a given industry to use cryptographic instruments in their economic turnover and business operations in certain regions. "