How do you see Russian's capping unexperienced traders to invest $3800 only

[tvplus006]

...It is a good policy in some way and in some other ways I think it just creates a limit on aspiring traders with little capital and investors alike who aim or see themselves getting wealthy from investment in trading.

And what can prevent such a trader and investor from using a larger amount than that provided for by the bill, if they will use decentralized exchanges for this purpose? Actually, even now, many traders trade on DEX, who take care of their anonymity.

[Wind_FURY]

...It is a good policy in some way and in some other ways I think it just creates a limit on aspiring traders with little capital and investors alike who aim or see themselves getting wealthy from investment in trading.

And what can prevent such a trader and investor from using a larger amount than that provided for by the bill, if they will use decentralized exchanges for this purpose? Actually, even now, many traders trade on DEX, who take care of their anonymity.

But just to be safe from government invented "taint", it's better for those Russians to buy as much Bitcoin as they can NOW before their government starts implementing that bull-crap law.

The current market conditions are starting to be VERY GOOD for Buy the DIP and HODL.

[overland000]

I can assure you that such BS law will be easily bypassed inside Russia. But I seriously doubt they will adopt this nonsense. It's more of wishful thinking by the Central Bank, but they will not get what they want. Its a measure to protect increasingly useless fiat, this is why no one will abide by such law in real life.

[bitbollo]

The idea by itself is not wrong. At least here in EU. the education in finance is literally absent. People create "craters" mismanaging their incomes.
these limitations are already present in most of western countries (and probably to all EU nations).
The problem is... that this is just another fake - check. It is really easy to overcome this test and become professional
No one will ever make a check of what you have reported - you can just ask to another people to make it for you.

[overland000]

If the law was actually implemented, it would be to only alow crypto trading for the rich and corrupt (surprise...). Lots of misinformation in this thread. Regular person would not be able to overcome this gatekeeping nonsense. Luckily people do not abide by such rules and there are alternatives.

[overland000]

I assume everyone knows what happened to Iranian real currency. It can happen anywhere next, can happen to USD too, but Russia is much closer to this outcome for sure. Imagine some "law" prohibiting you from converting your life savings to gold, bitcoin or stable currency, as your currency collapses at high speed. That's what these "laws" are made for, to rob people blind.  Someone who invested in BTC might be able to make it out of collapsing society unscathed and not robbed at the border.

[crwth]

Aksakov said the legislation would give so-called unqualified investors, such as retail traders, limited access to crypto, capped at 300,000 rubles ($3,800).

He added that “professional participants” who can pass income and knowledge or education criteria would be able to trade in crypto “without restrictions.”

https://cointelegraph.com/news/russia-bill-open-crypto-aims-common-occurrence-report

They are allowing their inexperienced citizens to only invest $3800 in cryptocurrency unless they prove that they know what they are doing, and they have the crypto trading or investing knowledge. From one point, I am seeing it as a good step because they don't want their citizens to lose money on cryptocurrency, so they are giving them a cap to invest.

On the other hand, it can be taken as state overreaching into the personal finances of a citizen. I wonder if they do it for stock or other trading as well.

How do you see this step from the trading point of view? Is it good?

Isn't this being done by big exchanges? Like, in futures trading, before you can get activated, you have to pass a test, and knowing that you can get liquidated and lose all your money. In a way, it's a great plan because you can control how people put money in and balance it, unlike gambling. Trading is also a form of gambling, and it's their way to balance trading.

It is to limit risky investments, and I think it's a good thing IMO unless you are experienced. Maybe some tier-based thing with the account age and eases up once you get more experience.

[overland000]

Don't compare this to those easy little tests by US brokers.
Russian Central bank wants unsurmountable barriers for regular people.

Imagine someone being drafted into the war or facing high inflation and not being allowed to convert their savings to leave the country with their money.

I seriously doubt that anyone who would support this is a actual human bitcoin investor or enthusiast. More like someone doing paid tasks for the Russian government. Or working for some other government

[Wind_FURY]

Don't compare this to those easy little tests by US brokers.
Russian Central bank wants unsurmountable barriers for regular people.

Imagine someone being drafted into the war or facing high inflation and not being allowed to convert their savings to leave the country with their money.

I seriously doubt that anyone who would support this is a actual human bitcoin investor or enthusiast. More like someone doing paid tasks for the Russian government. Or working for some other government

It's probably advisable for Russian Bitcoiners to organize more meetings ups and gain more personal connections/trust, and you can trade with each other physically, using cash.

If they don't want Bitcoiners to use the legacy banking system, then build a community of local users, or meet up with local users.

[justdimin]

based on the news, professional traders won’t have those limits anyway.
So overall, it looks like a good bill.

Yeah, we cannot expect that both professional and unexperienced traders to be treated on a same way if you really concern about the safe of capitals of beginners. Even I feel like that limit is little bit on upper side based on the cost of living in my country, having such limit must be good because I am sure that my local exchanges are not having anything like that. Now I am able to understand about our regulators and their policies.

On the other hand, it can be taken as state overreaching into the personal finances of a citizen. I wonder if they do it for stock or other trading as well.

Maybe in stock exchange, you may lose to another citizen in most cases whereas in crypto trading which is not the case. This may be the reason why they impose too many regulations on crypto trading.

[tvplus006]

But just to be safe from government invented "taint", it's better for those Russians to buy as much Bitcoin as they can NOW before their government starts implementing that bull-crap law...

However, this may be a partial solution to the problem, as not everyone has the opportunity to make a one-time purchase of BTC for a large amount. But given that this is just a bill that may take a very long time to pass before it becomes law, there is still time for those who wish to make such an investment.

[Wind_FURY]

But just to be safe from government invented "taint", it's better for those Russians to buy as much Bitcoin as they can NOW before their government starts implementing that bull-crap law...

However, this may be a partial solution to the problem, as not everyone has the opportunity to make a one-time purchase of BTC for a large amount. But given that this is just a bill that may take a very long time to pass before it becomes law, there is still time for those who wish to make such an investment.

But that's not the point. But you're right that that "solution" is partial, but it's the actual path to go around the problem. Plus using Bitcoin PEER TO PEER is how it was intended to be. So if forced to be used it in that why again, then why not use it in that way again, no?

[JeffBrad12]

I can assure you that such BS law will be easily bypassed inside Russia. But I seriously doubt they will adopt this nonsense. It's more of wishful thinking by the Central Bank, but they will not get what they want. Its a measure to protect increasingly useless fiat, this is why no one will abide by such law in real life.

Depends on the punishment and how it's enforced and how strict the government are in that area.

Though, I knew that life finds way and even with strict restriction from chinese's government in china to prohibit mining activity, china still got 11% hashrate share to mine bitcoin so I agree that this investment cap will be bypassed.