A bitcoin exchange that claims to have five million users has struck a deal to allow deposits in Russian rubbles.
“KuCoin users can now use RUB to buy USDT in the ‘Buy with Credit Card’ page by selecting PayMIR,” they say.
PayMIR is described as a well-known fiat on-ramp service provider in Russia with it based in Moscow.
“For a long time, moving from fiat to crypto has been a relatively complicated process,” said Johnny Lyu, KuCoin’s CEO, before adding:
“It is also a major obstacle for new users looking to invest in cryptocurrencies. We are really excited to partner with PayMIR, and through the PayMIR Core system, we are now able to provide Russian users with a more smooth experience. This is also an important step in KuCoin’s global expansion.”
KuCoin says they have raised $20 million from IDG Capital and Matrix Partners. IDG Capital is a venture fund headquartered in Beijing, meaning this very new exchange is seemingly rising in prominence.
There’s some two million crypto investors in Russia according to the Russian Association of Cryptoindustry and Blockchain.
They have been closely following developments in their parliament after a law that makes cryptos illegal and their buying or selling an imprisonable offence, was proposed.
Some suggest this law came from the Russian central bank, but has faced significant resistance, with local media stating:
“The Ministry of Justice is not the only agency criticizing these bills. The Ministry of Communications, for example, sees the danger that not only cryptocurrencies, but also loyalty programs, crowdfunding and charity programs may fall under the ban.
The Ministry of Economic Development is concerned that the Russian economy may suffer losses if operations with digital coins are forced out of the country.”
The Russian parliament is now pushing back this section of the bill, which was part of a bigger financial bill, as they say it is too controversial but businesses want the other financial aspects of the bill so they want to move forward there.
Meaning eventually their parliament may discuss just the crypto bill, but for now Russians are generally free to trade cryptos and with the entrance of KuCoin, they have more avenues to do so.