While Russian authorities have yet to regulate cryptocurrencies, Russians have already started adopting them. Recently, a new Bitcoin exchange has been opened near Kursky Vokzal, one of Moscow’s man railroad stations. Reports say the bureau is the first of its kind in Moscow.

The crypto exchange, Sbercoin, only trades Bitcoins for Russian rubles in cash. Its customers must present an ID to buy and sell Bitcoin. The exchange’s management claims that Sbercoin complies with current Russian laws. The office is located on Verhniy Susalniy street, and the exchange is looking to open in two other locations in Moscow City and Rumyantsevo.

In Russia, cryptocurrencies are not considered legal tender. The Ministry of Finance, however, has already introduced a draft law to legalize crypto-related activities such as mining and coin offerings. Parliament Speaker Vyacheslav Volodin, meanwhile, co-sponsored another bill which aims to regulate the use of “digital money” and to protect investors’ “digital rights.” New legislation on cryptocurrencies should be adopted by July this year.

Government institutions have been divided by the circulation of cryptocurrencies and their use for payments. While the Finance Ministry of Russia wants to legalize the trade of cryptocurrencies on registered exchanges, the Central Bank opposes the idea. Some officials who consider cryptocurrencies illegal money surrogates have been calling for an outright ban. The current legislation, however, does not explicitly prohibit cryptocurrency operations such as exchange services.

Moscow-based law firm managing partner Vladimir Yurasov comments on the matter, saying “In any democratic society, including Russia, if something isn’t banned, it should be legal. The federal legislation has no provisions prohibiting the use of bitcoin in financial transactions. The purchase and sale of bitcoin do not violate the Civil Code.” Yurasov continues, saying that if there is no criminal offense, the activities are legal – Russians can buy bitcoin both online and on the street.

Sbercoin’s branding, however, is a bit misleading as the office resembles a branch of Sberbank using the same green colors. Russia’s state-owned savings bank is among the biggest banks in Europe and while it has shown some interest in cryptocurrencies, it has nothing to do with Sbercoin.

Sbercoin offers its customers a contract for its services and gives them a plastic card with a public key to a new crypto wallet. Private keys, meanwhile, are given in envelopes.