Insidious cryptocurrency terminals

Bitcoins can be bought in a grocery store and spent in a hookah lounge, but businesses mostly do this only to publicize themselves, experts say


Against the backdrop of recognition of cryptocurrencies, new associated lines of business are appearing in Kazan. Grocery stores have already started to sell bitcoins through terminals, charging a ‘draconian’ commission, but for now it is probable to spend them only in few places. Besides, in Tatarstan there already exists an investment account focusing wholly on cryptocurrencies. In further to ITCoin, another cryptocurrency is to be launched soon, this time Islamic. Read more about this in the essay of Realnoe Vremya.

Insidious cryptocurrency terminals

While the bitcoin sell rate is defilement another ceiling, in Kazan there have seemed first terminals where you can buy bitcoins. The announcement about the sale of such terminals can be found on Avito, and the first appurtenance has been already commissioned in one of the shops on Vosstaniya Street. The cryptocurrency here is sole for rubles, however, it is required to have a bitcoin wallet and enter the number (which is not easy — it’s a long method of letters and numbers) or indicate the QR formula of the wallet.

However, such depot is not the best and positively not the cheapest way to buy the cryptocurrency. According to Ilnur Mukhtov, the owners of a Kazan hookah loll where they have begun to accept bitcoins since August, the elect in such terminals is around 30%. Only at such values they will compensate off.

RusBit, the association in the city of Ufa producing these terminals, gave somewhat different information. According to them, the elect is 100 rubles, but the rate can be determined by the owners and it is not manifest to the end user! In the end, the ‘skim’ estimated by RusBit can really strech 30%, with 3% going to the company-manufacturer.

According to association estimates, the turnover of the depot in Ufa is about 7 BTC per month, that is about $49,000 at the stream sell rate.

Realnoe Vremya managed to find several references to cryptocurrency sell offices in Kazan on specialized forums. However, it seems that they are working, to put it mildly, ‘illegaly’: for example, their plcae is suggested only to clients prepared to make a deal. We unsuccessful to hit the administrators of these exchanges.

An announcement of the sale of such terminals can be found on Avito. Photo:

Hookah, coffee and burgers for bitcoins

These terminals are not the first box in Kazan when entrepreneurs want to make income on the recognition of bitcoins somehow. One of the pioneers in this matter was a hookah loll on Bauman Street. According to Mukhtov, the number of payments with bitcoins there is small, but he concurred that such duty was introduced more to emanate hype around the establishment. ”I wouldn’t contend that the direct is big. Sometimes it happens that there are several payments with bitcoins in a week, infrequently two payments in one day. People more speak about bitcoins than they indeed use them, but if they buy — not to pay,” he said.

The Prosecutor’s bureau of Tatarstan has already negatively commented on the remuneration with bitcoins in open places. The method settled that now the Russian legislation does not produce the use of practical currencies as means of payment. Also, the Prosecutor’s bureau combined that the Central Bank supports the record of blockchain, ”but opposite the use of surrogates, including the practical banking bitcoin.”

Nevertheless, other institutions also have turn meddlesome in cryptocurrencies. So, the Kazan establishments of the authorization Coffee Like in Oct announced the goal to accept the cryptocurrency. It will be probable to compensate for a crater of coffee with bitcoins and cryptocurrency Etherеum. It is still different when this underline appears.

However, the knowledge of Moscow coffee houses shows that it is not really about the remuneration with cryptocurrency. To equivocate troubles with the prosecutor’s office, the routine is represented as a kind of special offer: ”Top up the bartender’s bitcoin wallet and get coffee as a gift.”

It is probable that the cryptocurrency will come to Kazan quick food chains. For example, the quick food sequence Burger King announced in the summer that it would start to accept bitcoins by the end of 2017, and even launched in Aug the possess cryptocurrency WhopperCoin. However, already in September, the prosecutor’s bureau became meddlesome in their activities in this field.

The quick food sequence Burger King launched in Aug the possess cryptocurrency. Photo:

”There has been resolved a skill understanding for Etherеum in Volgograd”

Lenar Mukhametzyanov, executive of the devise on blockchain technologies, co-founder of the association Future in apps, did not order out that Kazan might enter into exchange for the sale of genuine estate for cryptocurrency. According to him, there have been such precedents in Russia, and in Kazan there are supply and demand.

”Recently, there has been resolved a skill understanding for Etherеum in Volgograd. we have not listened nonetheless about such cases in Tatarstan, but we think there are those who wish. Even from the point of perspective of the Civil code, it is a barter, trade agreement, so there is zero wrong with it.”

Cryptocurrency has come to Islamic finance, investment supports and agriculture

There are incomparable cryptocurrency projects in Tatarstan, the above mentioned Ilnur Mukhtov told about two of them. So, in Kazan, in 2017 it was launched the investment account Aeon Capital Fund, which portfolio is focused only on cryptocurrencies. The account invests in mining of cryptocurrencies, creates long-term and short-term investments, as well as participates in ICO projects. According to Mukhtov’s estimates, the portfolio’s produce is around 15-17% for the first entertain of existence. However, the resources of the account are still quite medium — reduction than $100,000.

Besides, Mukhtov is the designer of the devise Muslim Ocean compensate — the Islamic cryptocurrency. This devise is more ambitious, in the routine of ICO (initial chain of the cryptocurrency), Muslim Ocean compensate skeleton to attract $200 million. The cryptocurrency is formed on the eponymous mobile app, combined by programmers from the USA. They devise to produce the value of cryptocurrencies using silver: one unit, that is, a coin, of Muslim Ocean compensate will equal one gram of 999 china and 10 percent.

According to Mukhtov, they are creation a group for the project. In total, for fulfilment of the it is required to accumulate a group of 40 people.

Earlier in Tatarstan there was launched another cryptocurrency project, which was ostensible to solve the ‘insecurity’ of practical money. We are articulate about ITCoin, cryptocurrency cumulative by beef of tact bulls. It is insincere that the customer of ITcoin invests in squeeze of the animal, which in the destiny will be grown on the farm. Due to the expansion of the longhorn the batch increases along with the value of the investment. At the same time, ITCoins can be used as a standalone cryptocurrency, that is, to compensate for anything where it is accepted.

When asked to tell about how things are going now with ‘bellowed cryptocurrency’, Ryndin sent a design of a crater of coffee, explaining that he bought it for ITCoin (not naming where).

Mukhtov is the designer of the devise Muslim Ocean compensate — the Islamic cryptocurrency. Photo:

”The sight with PR has left the station”

In general, Lenar Mukhametzyanov believes that the associated to cryptocurrency businesses exist as long as the authorised standing of the cryptocurrency in Russia is not defined. But now they are all at slightest in the ‘black zone’.

”I think that in the destiny the event to use cryptocurrency in squeeze of products and services will be denied. It will be probable to buy and sell the cryptocurrency, but not to use it for the sustenance of services and sale of goods. Already now, we think, it is a defilement of the Tax formula and the Federal law.”

At the same time, he pronounced that manufacturers of terminals for cryptocurrency have invented a intrigue by which the sale of the cryptocurrency stays in the authorised field. Details of the intrigue are not nonetheless clear, the association only pronounced that they commence the shortcoming for the activities and issues on family with regulatory authorities.

”Today many businesses are perplexing to publicize themselves using the cryptocurrency ‘hype’,” pronounced Mukhtov. ”I was contacted by different companies — for example, automobile washes, which also wanted to do it [to deliver the remuneration with the cryptocurrency] for advertising. we tell them: if you do, you will not get the outcome that you want to get. The media customarily write about those who does something first. The sight with PR in this instruction has already left the station.”


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