First Bitcoin Exchange Will Be Opened By Moscow
The capital of the Russia has revealed that they have opened their first digital currency exchange; just days after the Russian authorities reversed the plans to penalize the use of Bitcoin.
The Bitcoin exchange was opened by a team of Bitcoin enthusiast, who will offer a 24/7 offline service for the exchange of the digital currency as per a local report published by the ForkLog.com.
Situated at Novy Arbat, 8 St., a one-way exchange has been allowed by the BTC exchange through which customers can sell the bitcoins with the exchange carried out in private. For now, buying the digital currency is unavailable at the exchange.
If it has a success, they will intend to register the exchange service officially, so that there should be no problems with the authorities.
The customers can come and go to undertake cash and cashless payments for the transactions of Bitcoins as it open 24 hours a day. During the day, a transaction fee of 4 percent will be applied from the Bitcoin exchange, whereas in the evening, it will increase to 10 percent.
The Plan to criminalize with the use of Bitcoin reverses by the Russians
In the report of CCN, a digital currency ban had been proposed by the Russia earlier this year by the Finance Deputy Minister in Russia with the hope that a draft law, which will call the penalization of the Bitcoin would pass to the State Duma.
Russia has relaxed its stance against a digital currency ban in July by adding a new amendment regarding the ban of the Bitcoins bill so that it will allow purchasing the digital currency in the Russia.
As the Russian authorities have reversed their idea to penalize everyone caught in the operations of cryptocurrency in the Russia, which will result in the fines as high as $ 38,000.