Bitcoin magazine, Kyle Torpey is discussing localbitcoin, which is a local exchange network within another central bank monetary zone. Just like bitcoin, it is bitcoin, just that the person to person exchange within the country means the ledger adjustments is easily done in the national network.
But, the point here is that in Russia they often deliver the BTC e-code, which is the instruction to the ledger service. If the e-code is trusted, then, under sandbox rules, this is a standard ledger service. Standard in the sense that an e-code can be dropped into a pit and traded thousands of times without ever requiring a ledger service.
Kyle:
According to Zhavoronkov, the advantage of selling the BTC-e codes instead of actual bitcoins is that the codes do not require traders to wait for confirmations on the blockchain. Instead, the code can be given to the buyer to be redeemed on the site, which speeds up the trading process.In most cases, trades for BTC-e codes are made via Yandex, Qiwi, Payeer, or physical cash. According to Zhavoronkov, the local online payment systems tend to have lower identity requirements than bank transfers.
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