Bitcoin Daily: Crypto Exchange Paxful Sees Usage Up 350 Pct In Russia; Nonprofit Says Bitcoin Not Totally Banned From China

Paxful says it has experienced a 350 percent jump in the use of its infrastructure in Russia, Decrypt reported. The bitcoin exchange has seen record month-over-month peaks in user signups on its exchange as of the beginning of the COVID-19 pandemic in March. Anton Kozlov, the company’s Russian market manager, said per the outlet, “Crisis aside, Russia has always had a monolithic banking system that is dominated by a few players, and the sentiment we get is that Russians are increasingly looking to find alternative ways to grow their earnings and participate in the financial markets.” The news comes as the Russian Duma recently ratified the “Law on Financial Assets” following a lengthy period of discourse.

In other news, Electric Coin Co., the Zcash maker, has rolled out an effort called “Crypto in Context,” which links industry leaders with up-and-coming and underserved groups of people geared toward financial knowledge and digital currencies, according to a blog post. The idea stemmed from an inaugural experimental effort in the South Bronx through which the company collaborated with a high school teacher. He had offered financial literacy instruction to his students, but they wanted more knowledge. Now, the company said in the post that the initiative “is designed to empower bilateral awareness and understanding — context — so the technologies we create are fitting for today’s globally connected world and adaptable to meet the evolving needs of people and societies.”

On another note, Beijing Arbitration Commission (BAC), a nonprofit group, says China hasn’t fully prohibited bitcoin, and its ban on bitcoin is a bit more complex than what has been indicated by some, Cointelegraph reported. “In summary, the state does not prohibit Bitcoin’s activities as virtual commodities, except for the activities that Bitcoin is engaged in as legal tender,” according to the group, as noted by Cointelegraph. The BAC indicates that China forbids trading and crypto funding outlets from handling the conversion between cryptocurrency/tokens and legal tender. But the legislation that prohibits digital currency as money also sees it as a virtual commodity.