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Binance adds the Russian ruble
Binance adds the Russian ruble
Crypto

Binance adds the Russian ruble

By Marco Cavicchioli - 31 Oct 2019

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Binance has officially announced the integration of the Russian ruble (RUB) for the purchase of bitcoin, ethereum and XRP. 

The integration was made possible through the use of AdvCash, and allows deposits and withdrawals in RUB on Binance Cash Wallets, where they can be used to buy BTC, ETH and XRP. 

It is possible to use bank cards, although only Russian cards are supported for this specific use.

The use of bank cards involves AdvCash charging a commission of 3% on deposits and 2.5% plus 50 RUB for withdrawals. Whereas deposits and withdrawals to or from the Advcash wallet are free of charge. 

This does not mean that trading pairs with the ruble, or other fiat currencies, will be added to the exchange, but only that it is possible to use rubles for direct purchase or sale of the three main cryptocurrencies by market capitalisation. 

This is not really an unexpected move, since a few days ago Binance CEO Changpeng “CZ” Zhao said: 

“Russia is our key market, one of the most active markets in the global blockchain space”.

After all, Russia is also the main market for LocalBitcoins, so the focus of the industry towards this country is actually quite obvious. 

The announcement of an imminent addition of the ruble was already made a few days ago, as well as the one concerning a possible opening of an office of the company in Moscow. 

However, it would be a place dedicated to IT development, thanks to the availability of local programmers, and not to commercial development. 

Moreover, according to CZ, Binance is looking for partners to work on the release of a stablecoin presumably based on the ruble itself. 

 

Marco Cavicchioli
Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

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