In Russia, a legal framework to validate cryptos is missing, but despite this, the country has been reported to have at least 52 operating Bitcoin ATM/Teller Machines.
The latest data coming from the leading Bitcoin ATM tracking site, CoinATMRadar reports that Moscow holds the highest number of BATMs – nine of them.
The established Bitcoin ATMs are legal
All the Bitcoin ATMs have a legal nature, and they hold all the essential cryptos: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and even the privacy-oriented coins, Monero (XMR) and Zcash (ZEC).
The ATMs are enabling users to trade fiat currency with the virtual money.
The exchange rates can be viewed in the US Dollar, Russian Rubble, Indian National Rupee, and more fiat currencies.
Legal status of cryptos, still uncertain in Russia
The cryptos’ legal status is not certain in the country yet, and more than 20 ATMs were seized back in 2018 by the regulatory body, Central Bank of Russia due to counteracting illegal operations.
This year, an experimental regulatory entity has been set up in January, and it allows particular IT and blockchain companies to roll out crypto transactions.
Ambcrypto cites Russian economist and member of State Duma, Anatoly Aksakov saying the following:
“The law on the regulatory sandbox, which I hope we’ll adopt during the spring parliamentary session, will allow either individual companies or a given industry to use crypto instruments in their economic turnover and business operations in certain regions.”