Big News for the Ruble
In a game-changing move for Russian traders, major global cryptocurrency exchange Huobi has announced it will now support deposits and withdrawals in the Russian ruble. This initiative is like rolling out the welcome mat for crypto enthusiasts, signifying a new dawn for digital currency transactions in Russia.
What You Can Trade
With the ruble now in the mix, users can buy and sell an array of cryptocurrencies with ease. Apart from the big names like Bitcoin (BTC) and Ether (ETH), the platform also supports Tether (USDT), Litecoin (LTC), and several other coins including EOS and Bitcoin Cash (BCH). Yes, if you’re feeling adventurous, you can still dabble with Bitcoin SV (BSV) and DASH. And let’s not forget about the Huobi-backed tokens like Huobi Token (HT) and Huobi Pool Token (HPT) that give users additional trading options!
Behind the Magic: Partnership with AdvCash
To bring this feature into reality, Huobi has teamed up with AdvCash, a payment processor that bridges fiat and crypto worlds. Their previous collaboration on fiat purchases via an over-the-counter desk was a warm-up act, but now they’re going full throttle. AdvCash also acts as a payment processor for Binance, which should give you an indication of how serious they are about making this work.
Know Your Limits
Before you dive headfirst into trading, let’s talk numbers. There are some caps on how much ruble you can move around. Maximum deposits are limited to 100,000 rubles (that’s approximately $1,350), while withdrawals are capped at 50,000 rubles (or around $670). Remember, if you’re planning to flex your financial muscles, you’ll need to cross a “Know Your Customer” hurdle before you can start navigating the crypto seas.
Huobi’s Russian Adventure
Huobi has been strategically planting its flag in Russian territory since September 2020, when it launched a mobile app that made buying cryptos a breeze for local users. Fast forward to now, and Russian residents account for 10% of Huobi’s total spot trading volume. Talk about making an impact!
A Changing Landscape for Cryptocurrencies in Russia
With Russia’s recent launch of the crypto law “On Digital Financial Assets,” the environment for cryptocurrency trading is shifting, albeit cautiously. While this legislation lays a foundation for the crypto industry, it draws a line in the sand by prohibiting Russians from using cryptocurrency as a payment method. Seems like a classic case of ‘we love the game, but not enough to let you play it freely.’
