First exchange office for cryptocurrency opens in Moscow

Sbercoin is selling high, and buying very low… you also need to turn up in person to make a transaction.

The first crypto exchange office in Russia – Sbercoin – has opened near Moscow’s Kursky railway station. The company suggests people should only trade in bitcoin when it comes to crypto currencies, and to make a transaction the customer must visit the new branch in person – for security purposes. Only after showing a passport or driver’s license can someone sign on the dotted line and receive their card, e-wallet, and deposit keys.

Meanwhile, the exchange rate is rather high at the moment: On April 3, it cost 455,000 rubles ($7,900) buy one bitcoin from Sbercoin, while the company buys a sole unit for 309,000 rubles ($5.400) – BTC’s rate on FOREX was about $7.000. Pretty good business for them.

According to Russian media, the company plans to open more offices in Moscow’s business centers. Some internet users say Sbercoin’s office design is similar to that of Russia’s major bank, Sberbank, which has distanced itself from the crypto exchanger.

Russian banks don’t currently exchange cryptocurrency for real money, but the State Duma is considering a bill to change this.