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The City of St. Petersburg Welcomes first-ever Bitcoin Boutique in Russia


May 09, 2018 Posted /  240 Views


The City of St. Petersburg Welcomes first-ever Bitcoin Boutique in Russia

The Russian giant cryptocurrency mining hardware company, CryptoUniverse recently established a ‘Crypto Boutique’ in the city of St. Petersburg Russian biggest city. This comes at a time when the Russian government status of cryptocurrency and bitcoin in the country is still tag marked ‘Illegal’.

First Ever ‘Crypto Boutique’ opens in Russia's St. Petersburg

Cryptocurrency enthusiast living in Russia’s second largest city St. Petersburg were awoken to a new month of may to a brand new crypto-boutique. The facility which was being used by crypto-universe to distribute bitcoin and litecoin mining ASICS manufactured by the Chinese technology company Bitcoin was converted to a cryptocurrency clothing store.

 

Currently, the boutique is still dealing with the distribution of Bitmain’s mining ASICs and related accessories. Cryptouniverse indicated that boutique visitors are offered with a free consultation if they would wish to make a choice on the right cryptocurrency mining hardware they would need to buy for the highest profitability.

 

Other related items available for purchase at the store includes branded caps, T-shirts, Sweatshirts, badges, mugs, backpacks among others. The facility also offers a conducive space where one can gain more knowledge regarding cryptocurrencies. The centre provides current trends on cryptocurrencies and allows visitors to view real-time online mining data.

Government Crackdown May be Bad for Business at the Boutique

 

Following the Russian government crackdown on cryptocurrency, it is feared that the Boutique would become a target. Currently, Russia has not yet come out with a regulatory framework to govern cryptocurrency and bitcoin the country and bitcoin still remains illegal in Russia putting anybody dealing with bitcoin at a risk of being apprehended by the authority.

 

One cryptocurrency supporter believes that cryptocurrency can be used during barter trade since the government has tagged bitcoin illegal. In his argument, he explains that bitcoin might be illegal as a currency but it can be used during barter trade since it does not put a restriction on barter trade.

 

A few months back a local court ruling was which banned the dissemination of information relating to cryptocurrency and bitcoin was revoked. This allowed some more than forty websites to be unblocked after they were initially shut down for having content about cryptocurrency and bitcoin.

Cryptocurrency Payment Options to be offered at the Boutique

 

A crypto-Boutique only becomes complete when it processes payments through cryptocurrencies. The current regulation status in Russia did not allow crypto Universe the luxury of arraigning a couple of cryptocurrency payment options at the store. However, the company reveals that plans are underway to develop the ability to pay for goods in cryptocurrency at the boutique.

 

Meanwhile, this is no the first physical cryptocurrency experiment in the city of St. Petersburg. A couple of companies and individuals have already attempted the develop the cryptocurrency backbone of the nation. Last year the city hosted a collection of cryptocurrency ATMs which sadly were all removed due to bad regulation status on cryptocurrencies.


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Tags: Crypto Boutique Bitcoin Boutique St. Petersburg Cryptocurrency Mining CryptoUniverse Bitmain

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