What is Yandex currency?

Yandex.Money (now called YooMoney) was jointly established in 2002 by Yandex, a leading search engine company in Russia, and Sberbank, the largest state-owned bank in Russia. It has now grown into the second largest electronic payment service provider in Russia.

The platform provides users with convenient and secure online payment methods, supporting various payment methods including e-wallets, bank cards, and bank transfers. Its application is compatible with iOS and Android devices, allowing users to easily make payments through mobile devices. The service currently covers Russia and surrounding countries such as Armenia, Belarus, Kazakhstan, and Ukraine. In addition, Yandex.Money also embraces cryptocurrencies, allowing users to conduct instant and secure digital currency transactions through platforms that support Yandex.Money.

Yandex is a popular electronic wallet in the Russian region (Image source:https://yandex-money.en.uptodown.com/android）

Yandex and cryptocurrency trading

In October 2015, Yandex was interested in introducing Bitcoin into their financial platform Yandex.Money to facilitate traders on the platform to accept Bitcoin payments. The company’s CEO Maria Gracheva stated at the Finnopolis Financial Technology Forum that the company is exploring Bitcoin payment services and believes that Bitcoin can improve cross-border transaction efficiency. However, due to Russian laws restricting cryptocurrencies, the plan did not materialize.

Yandex once explored Bitcoin payment services (Image source:https://bitcointalk.org/index.php?topic=1208909.0)

In August 2024, in line with Russian government policy, Yandex announced changes to its advertising rules, prohibiting ads involving cryptocurrency trading, smart contracts, mining, and ICOs, as well as restricting the promotion of related financial services. Despite this, Yandex still allows cryptocurrency-related education, legal advice, and advertising of mining hardware, retains some market space with strict compliance, and remains open to potential applications of blockchain technology.

Yandex Purchase BTC Steps

Due to the limited support for BTC trading on the official platform, using Yandex.Money to buy Bitcoin, a third-party P2P trading platform becomes a more feasible alternative. Users can complete the purchase process through P2P trading, the specific steps are as follows:

1. Choose the right platform: Register for a P2P cryptocurrency trading platform that supports Yandex.Money as a payment method, such as LocalCoinSwap. (Trading URL:https://localcoinswap.com/zh/buy/bitcoin/worldwide）

Purchase Bitcoin using Yandex Money on a third-party platform (Image Source:https://localcoinswap.com/zh/buy/bitcoin/worldwide/yandex-money）

1. Sign up for an account: Create an account on the selected platform and remember the personal information provided for account verification.
2. Browse Bitcoin sellers: Use the platform’s search function to filter BTC sellers who accept Yandex.Money as a payment method.
3. Choose the right offer: Compare exchange rates, transaction limits, and creditworthiness of different sellers to choose the most suitable trading partner.
4. To initiate a transaction, click on the “Buy” or similar button, enter the purchase quantity according to the platform’s instructions, and confirm the transaction details.
5. Make a payment: According to the seller information provided by the platform, pay the corresponding amount to the seller via Yandex.Money.
6. Confirm the transaction and receive BTC: After the seller confirms receipt of the payment, the platform will release Bitcoin to the individual account.

Risk Warning for Purchasing Bitcoin

Although Yandex.Money can be used for purchasing Bitcoin on P2P trading platforms, investors still need to pay attention to potential risks during the trading process. Firstly, there are many fraudulent sellers in the market, and some criminals may use false transactions to induce users to transfer money and then refuse to release Bitcoin. It is recommended that users choose sellers with good reputation and stable trading records, and try to use trusted P2P platforms for transactions. Secondly, as the Russian government’s legal supervision of cryptocurrency trading is tightening, Yandex has recently banned cryptocurrency-related advertisements in Russia, indicating that policy risks still exist and may affect the feasibility of transactions in the future. In addition, the cryptocurrency market prices fluctuate dramatically, so users should fully understand the market situation before purchasing Bitcoin to avoid asset losses caused by short-term fluctuations. Therefore, it is recommended that investors verify the seller’s identity, use secure trading platforms, and ensure the safety of their funds to reduce trading risks.

Conclusion

Overall, Yandex.Money has explored the field of cryptocurrency payments, but due to strict financial policy regulations in Russia, its Bitcoin payment plan has not been implemented. There was even a comprehensive ban on cryptocurrency-related advertisements at one point. Currently, users can still purchase Bitcoin using Yandex.Money through P2P trading platforms, but attention should be paid to transaction security and policy risks. In the future, if Russian policies become more relaxed, Yandex may reassess its stance on cryptocurrencies. Therefore, when using Yandex.Money to purchase BTC, investors should prioritize reputable platforms and stay informed about changes in the market and regulatory environment to ensure transaction security and compliance.