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Author Topic: [2018-04-16] Chinese Merchants in Moscow Convert Most of Their Cash to Crypto  (Read 14 times)
maarx
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April 16, 2018, 07:04:32 PM
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https://news.bitcoin.com/chinese-merchants-in-moscow-convert-most-of-their-cash-to-crypto/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

Chinese traders in Moscow’s huge wholesale bazaars have become the most active buyers and sellers of cryptocurrency in the Russian capital. The retail turnover there is estimated at almost $10 billion a month. Authorities say that most of it is converted to cryptocurrencies and sent back to China where it‘s exchanged to yuan.

Crypto Flows Considered Easier To Track than Cash

The three largest bazaars in the Russian capital, “Moskva”, “Sadovod”, and “Food City”, make about ₽600 billion rubles each month (~$10 billion). That’s almost a quarter of the retail turnover in the Russian Federation. Practically none of it is deposited in bank accounts, according to Yuri Polupanov, head of the Central Bank’s Financial Monitoring and Currency Control Department. 90% of the businesses there are owned by Chinese merchants and producers, he said during the Thomson Reuters Forum in Moscow, RBC reported.

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