A UK-based cryptocurrency exchange named Bitlish has just made the bitcoins, litecoins, ethereum and other types of digital coins available for the residents of St. Petersburg, Russia. The purchase has to be done via the ATM installed at the shopping mall at Sredny Prospekt 36. Considering the size of the bitcoin market in Russia and the recent political and financial issues, exchanging cash into various cryptocurrencies will certainly generate lots of demand.
Currently, an enormous share of the bitcoin transactions is devoted to the various gambling activities. As we know, online casinos are prohibited on the territories of Russia and within the last few years, the government has been blocking more and more websites. Even though gambling regulation is not strictly enforced, as well as the blocking can be easily passed, availability of bitcoins may result in higher playing volumes.
St. Petersburg is just the first city in Russia that received a multi-coin ATM. The company Bitlish plans to install more ATMs in other cities of Russia within the next couple of months.
Cryptocurrencies have been gaining their popularity, yet they are still hard to get in many countries. Apart from the banks that can block transactions to various bitcoin exchanges, there are other issues when it comes to cashing out the cryptocurrencies. Bypassing the financial institutions and exchanging cash for the cryptocoins will certainly make BTCs more widespread in Russia and well as make bitcoin gambling more popular.