Russian Online Market Buys & Sells In Crypto

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With the emergence of cryptocurrency, online retailers are now taking advantage of vast opportunities that digital currencies could harbor.

For the past few months, this new Russian online shopping place enables the purchase and sale of commodities and services using cryptocurrency. The Mentalmarket website has been advertising a progressive number of promotions in different sorts, from “cryptoindustry” to “real estate.”

Mentalmarket is similar to other online stores with classified ads. The only difference is that goods and services are bought and sold in cryptocurrency. It accepts payments in Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), Ripple (XRP), Dash, and Zcash (ZEC). For accessibility, prices are similarly advertised in US dollars.

The online shopping store got famous among Russian crypto aficionados with a burgeoning variety of commodities and services. Users could purchase almost anything such as mining hardware and pieces of land around Moscow. A farmer even sells his sheep for 0.074 BTC per head. Audi vehicles are also on sale as high as 35 BTC or more for expensive models and about 230 ETH for an Audi A3.

Mentalmarket CFO Kirill Skotnikov said, “Our mission is to make the daily use of cryptocurrency as familiar and simple as using bank cards by offering a wide range of goods and services and providing the infrastructure to simplify the interaction with cryptocurrencies for a large number of users.”

Buyers and sellers could log in the platform provided that they have a Telegram account. They must send “Start” to @MentalMarket_Bot for an authorization code request and then “Login via Telegram” on the online marketplace’s website prior to keying the code. Illegal items such as drugs, precious metals, alcohol and tobacco products, and databases with personal or corporate information are not available on the platform.

Although Russia and other post-Soviet countries have not yet regulated cryptocurrencies, it’s popularity has increased in the past years. A couple of platforms have started to offer exchange services to Russian speakers.

Because of the cryptocurrency’s versatility, a smartphone company developed a device that can be run by blockchain and can be purchased only with a digital currency. In the US, particularly in Ohio, residents can now pay their taxes in the form of cryptocurrency.

Meanwhile, it was reported that Russian President Vladimir Putin requested for a collaboration with the NEO Competence Centre in St. Petersburg through the Russian Association of Cryptocurrency and Blockchain. According to the report, a probable relationship between the two organizations was initially addressed at the Administration of the President of the Russian Federation held on December 12, 2017.

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