One of the world’s largest cryptocurrency exchanges, Huobi, announced the addition of the Russian ruble fiat currency to its platform.
This will allow users to buy the following cryptos pairs using a (ruble) RUB: BTC, ETH, LTC, USDT, EOS, BCH, ETC, BSV, DASH, HT, and HPT. Minimum deposits and withdrawals and set at 200 RUB as well as a maximum of 50,000 RUB and 100,000 RUB.
To start using rubles on Huobi, users must complete a KYC (Know Your Customer) identification verification. This process is completed through a partnership with AdvCash.
Advcash—a fiat-to-crypto payment processor—was used by Huobi back in April to allow RUB trades on its OTC, peer-to-peer platform. AdvCash is also used by Binance, another major exchange.
Huobi has been active in the Russian crypto community even since the law surrounding crypto legality came into effect, declaring crypto as protected property. However, it also states that crypto in Russia cannot be used as a method of payment.
For trading purposes, Huobi Global stepped in with a mobile app allowing users to buy coins like Bitcoin in September 2020.
Huobi also stated, the exchange “…is expected to extend support for other fiat currencies in the near future.”