Is Russia’s approved crypto list -good for investors or Bad for the free market?

[freedomgo]

Hey guys, have you read this news?

Russia Approves Trading Bitcoin, Ethereum, USDT, But No XRP

Based on the report, Russia is moving toward regulated crypto trading, but only Bitcoin, Ethereum, and USDT are included for now. Other coins ( off the chart)..

What do you think will be the impact of this kind of rule (positive or negative).. ?

On one side, maybe the government is just trying to protect retail investors by allowing only coins with strong liquidity, longer track record and more stable market demand. But on the other side, this also feels very limiting. If the government decides which coins people are allowed to trade, does that already defeat the idea of a free crypto market?

I understand the need to protect beginners from risky tokens and pump-and-dump coins but do you think this is a positive step for crypto adoption, or is it just another way for governments to control the market ( which we hate)...?

[hd49728]

Hey guys, have you read this news?

Russia Approves Trading Bitcoin, Ethereum, USDT, But No XRP

Based on the report, Russia is moving toward regulated crypto trading, but only Bitcoin, Ethereum, and USDT are included for now. Other coins ( off the chart)..

What do you think will be the impact of this kind of rule (positive or negative).. ?

In nations where there is no democracy, and the people have pointless voice and no power, things can change by the national leaders very quickly, even just after one night.

Russia and China are the same and the people in those nations have suffered dictatorship of Xi JinPing and Vladimir Putin. They can change regulations in their countries very quickly without any meaningful counter back from their citizens. With the war of Russia against Ukraine and severe consequences for Russia, I see that in coming years, things will be not well in Russia.

With this approved crypto list, it's too short and limited but it's better than nothing. While as said, I believe that Putin will escalate things in the future and the Russians will have to lose more to pay the war cost for Putin's crazy, brutal and unrealistic ambition.

[Charles-Tim]

What do you think will be the impact of this kind of rule (positive or negative).. ?

Russians have access to all the coins and tokens that they want to have access to.

It has nothing to do with the market. Those Russians that want to trade other coins know what they do to trade them.

Russia officially legalized cryptocurrencies recently, but Russians have been trading cryptocurrencies since the inception of bitcoin.

[Iranus]

They are not actually banning crypto. maybe they are compiling regulated access. But they are putting in place risk filter for retail user. Main criteria here for choosing BTC, ETH & USDT are average daily volume. They also look at market cap and at least 5 years of price history. This mean that they are prioritizing liquidity and track record.

However if govt decide which coin are safe enough and which are not then freedom of retail investor will surely be reduced. What is more interesting to me is, if you are qualified investor. Then you do not have this restriction. And you can trade in broader crypto market.

[freedomgo]

What do you think will be the impact of this kind of rule (positive or negative).. ?

Russians have access to all the coins and tokens that they want to have access to.

It has nothing to do with the market. Those Russians that want to trade other coins know what they do to trade them.

Russia officially legalized cryptocurrencies recently, but Russians have been trading cryptocurrencies since the inception of bitcoin.

So are you saying that this news is basically irrelevant? Because even if the report says only Bitcoin, Ethereum and stablecoins are allowed for trading, in reality people can still trade other coins anyway. Is that what you are trying to say?

Please enlighten me, because otherwise I dont think this would even become a headline if the information was completely useless or fake.

[CryptoBuds]

To me most positive part is recognition of Bitcoin as legitimate tradable asset. And negative part is the artificial limit on retail. If you talk about the long term situation then I would actually prefer open competition and informed choice. I definitely want govt to enforce rule against scammers. But it is better not to excessively dictate which asset people will buy. So in my opinion it is actually both security and financial constraint.

[Negotiation]

Based on the report, Russia is moving toward regulated crypto trading, but only Bitcoin, Ethereum, and USDT are included for now. Other coins ( off the chart)..

There is nothing surprising here, because Russia can take it in their own currency if they want. Russia can launch a cryptocurrency called their own currency. It can be listed on various exchangers, which will make it easier for them to receive payments in cryptocurrency. For example, it will make it easier for them to convert from Bitcoin to that Russian currency. Then they may be able to eliminate the payment problems they have for oil and gas worldwide very quickly. Especially if they launch Russian currency payments from Bitcoin, it will be much easier for them.

[Charles-Tim]

So are you saying that this news is basically irrelevant? Because even if the report says only Bitcoin, Ethereum and stablecoins are allowed for trading, in reality people can still trade other coins anyway. Is that what you are trying to say?

Please enlighten me, because otherwise I dont think this would even become a headline if the information was completely useless or fake.

The news is relevant. You can easily use it to know what the Russia has done for now regarding cryptocurrencies. But, yes, in reality, Russians are trading all kinds of coins. When I came to this forum, I noticed all these and I noticed that Russians were one of the countries that first known about cryptocurrencies. On the lists of countries in crypto adoption index, Russia has been among the first 10 to 15 even when Russian government has no crypto law. So, the reality is different.

[MArsland]

I understand the need to protect beginners from risky tokens and pump-and-dump coins but do you think this is a positive step for crypto adoption, or is it just another way for governments to control the market ( which we hate)...?

It doesn't matter what Russia's goals are regarding control, but I have to admit this adoption has a positive impact, as long as neither investors nor traders have hidden goals as they are clearly monitored by the government. When they only include bitcoin, eth, and Usdt, it is a sign the risk of crypto asset fraud can be minimized. After all, Russia's goal of ease and protection, especially investors with large financial assets, is more assured.

[OcTradism]

It doesn't matter what Russia's goals are regarding control, but I have to admit this adoption has a positive impact, as long as neither investors nor traders have hidden goals as they are clearly monitored by the government. When they only include bitcoin, eth, and Usdt, it is a sign the risk of crypto asset fraud can be minimized. After all, Russia's goal of ease and protection, especially investors with large financial assets, is more assured.

It's a positive thing, the only one I can feel from this regulation. If Russians only self restrict themselves with Bitcoin, Ethereum and USDT, they will not only not be scammed but also be able to get profit.

With USDT, it's a biggest stablecoin and it is not an algorithmic stablecoin like Terra UST or TRON USDD, so it will not have terrible death spiral like UST.
With Bitcoin, it's a biggest cryptocurrency and the safest one in the market as well as in blockchain security. It's the best cryptocurrency asset for holding long term and for good profit too.
With Ethereum, it's a strongest altcoin, so it will provide two most important things for investors: safety and profit with time.

[Dogedegen]

Hey guys, have you read this news?

Russia Approves Trading Bitcoin, Ethereum, USDT, But No XRP

Based on the report, Russia is moving toward regulated crypto trading, but only Bitcoin, Ethereum, and USDT are included for now. Other coins ( off the chart)..

What do you think will be the impact of this kind of rule (positive or negative).. ?

It is always positive, the game theory behind Bitcoin is very sound. Maybe some country does not want it for some kind of reason, but if they keep it illegal they are losing in the global race. So while others are growing the industry and gaining benefits from doing that, a country that has it banned loses on those benefits. Even the European Union where it is perfectly legal is doing it wrong by creating many regulations that are excessive, which is causing damage to the economy and to the people that are using these coins.

On one side, maybe the government is just trying to protect retail investors by allowing only coins with strong liquidity, longer track record and more stable market demand. But on the other side, this also feels very limiting. If the government decides which coins people are allowed to trade, does that already defeat the idea of a free crypto market?

I understand the need to protect beginners from risky tokens and pump-and-dump coins but do you think this is a positive step for crypto adoption, or is it just another way for governments to control the market ( which we hate)...?

This kind of question is not a Bitcoin discussion question, it is more for politics. If you believe that governments should not regulate these things then you have beliefs of a certain part of politics. When you have a completely crazy situation that is like a wild west, then scams are rampant and many people are losing money to projects and situations that would not have existed if there were rules. Many people were burned with shitcoins scams in the last cycle and they are completely out of crypto, even some blame Bitcoin for it even if it is not related at all.

[lovesmayfamilis]

What do you think will be the impact of this kind of rule (positive or negative).. ?

Russians have access to all the coins and tokens that they want to have access to.

It has nothing to do with the market. Those Russians that want to trade other coins know what they do to trade them.

Russia officially legalized cryptocurrencies recently, but Russians have been trading cryptocurrencies since the inception of bitcoin.

Everything it has legalized is called control, and nothing more. Russia’s plans are to create a society where every person can be microchipped so that complete information can be obtained not only about people’s finances but also about their entire personal lives. The country does not allow full‑fledged use of cryptocurrencies. What does this mean? That the government decides how much cryptocurrency someone can have and when? Who will allow this? How are they going to control it? Therefore, you shouldn’t expect much from such “permissions.” Everything their deputies come up with may be beneficial to the state, but it certainly isn’t beneficial to every individual, and this doesn’t align with the overall idea of Bitcoin, which is to be independent from everyone.

. When I came to this forum, I noticed all these and I noticed that Russians were one of the countries that first known about cryptocurrencies.

Don't forget that many residents of the CIS speak Russian.

[Nathrixxx]

Once you discover that you are in a particular country that supports cryptocurrency, then you are also expected to apply wisdom on this in order not to be found under the regulations as you're operating with the use of their centralized platform, instead you may have your little amount of money on a platform the regulate and still ensure that your major investment is under a non-custodial wallet they could not have control over.

[Botnake]

When the government starts regulating something, I usually see that as a positive sign because it means some level of acceptance. Basically, there are two directions they can take, regulate it or ban it, and regulation is obviously the more positive one.

So with these three coins, maybe they are just starting with the major ones first. I know people were already able to trade crypto before, but it was more of a gray area. Now the government is officially recognizing and regulating it.

Maybe they will start with the major coins first, and the rest could follow later.

[Swordsoffreedom]

do you think this is a positive step for crypto adoption, or is it just another way for governments to control the market ( which we hate)...?

From what I understand, government's logic is very simple. Now if someone has an Android mobile and internet, they consider themselves to be a big trader and freelancer. Then they get caught and then they get anxious. So government has selected only Bitcoin, Ethereum and USDT to save these so-called traders from pump-and-dump scams and high-risk shitcoin. In the category created by Bank of Russia I could see it has set a cap or limit of only $ 3,500 per year for retail investor. It has done absolutely right, imo.

On the other hand, for qualified or institutional investor, the path to trading any coin is open and there are no boundaries. So there should be no more questions.

Russia Approves Trading Bitcoin, Ethereum, USDT, But No XRP

It seems that liquidity and track record are all that central bank giving priority. Only these 3 asset have been able to pass all the conditions they set for coin selection. XRP could have passed, but the main reason behind its exclusion may be Ripple's securities lawsuit and history of delisting from exchange, idk.

[Alex077]

What do you think will be the impact of this kind of rule (positive).. ?

Rather than gray market or complete ban, at least creating a legal framework and a path for institutional money is not bad at all. I think this will definitely give legitimacy to crypto in the eyes of legacy finance.

What do you think will be the impact of this kind of rule (or negative).. ?

This may have taken away the freedom of the common people. But government has no alternative to stop these people who are losing money by investing online. I have seen many people who do not have single bit of knowledge about crypto and online but invest after seeing the flattering ads of scammers for futures trading and forex trading and later lose everything. Such a law is needed to stop them.

[Lida93]

Hey guys, have you read this news?

Russia Approves Trading Bitcoin, Ethereum, USDT, But No XRP

Based on the report, Russia is moving toward regulated crypto trading, but only Bitcoin, Ethereum, and USDT are included for now. Other coins ( off the chart)..

What do you think will be the impact of this kind of rule (positive or negative).. ?

Russia and China are the same and the people in those nations have suffered dictatorship of Xi JinPing and Vladimir Putin. They can

If you ask me, I tell you I see the personality of a President like Trump of no difference between these other two personalities you mentioned.

On one side, maybe the government is just trying to protect retail investors by allowing only coins with strong liquidity, longer track record and more stable market demand. But on the other side, this also feels very limiting. If the government decides which coins people are allowed to trade, does that already defeat the idea of a free crypto market?

You already given the possible reason and I also think it that way too, maybe Russia is taking it one step at a time with the coins the government trust, as times succeeds, more options could be included, because at the end of the whole process this idea of regulation is about protecting retail investors.

[Dr.Bitcoin_Strange]

What do you think will be the impact of this kind of rule (positive or negative).. ?

According to them, this rule is simply to protect non qualified investors, and the non qualified investors are the newbies who doesn't have a proper knowledge about crypto yet, so the idea is to protect them from investing into other tokens that can be very risky for their level. This actually means that every other wealthy, experienced and pro investors can trade any coins or token of their choices except for the non qualified investors who don't have enough knowledge.

It can cause a positive impact by preventing newbies from wasting their money on shitcoin.

Qualified investors—Russia's wealthier, accredited class—face none of these walls. "Qualified investors will be able to acquire all cryptocurrencies that will be traded on the exchange and over-the-counter markets, without restrictions," the notice says. Before any trade, though, everyone takes a test. "All investors, regardless of their status, will need to pass testing and familiarize themselves with the risks of investing in cryptoassets."

With how this is going to be done, even the non qualified investors can still buy any coins of their choice since they can always bypass the test that will be given to them to check if they are qualified or not. Depending on how the test is conducted, I might still be possible for many to bypass it.

[Razmirraz]

From what I understand, Russia is trying to open the door to regulated crypto trading, but the screening process is very strict. The positive impact is clearly to protect retail investors. The government doesn't want people going bankrupt because of scam coins or meme coins that are bad. BTC, ETH, and USDT got picked because they have deep liquidity and have existed for a long time. This also helps protect newbies from FOMO and sketchy projects. Apart from that, clear rules make it safer for institutions to jump in. For regular people too, the risks are way more measurable.

So to me this isn't "pro-crypto" vs "anti-crypto". It's just Russia's version of crypto: safe, slow, and controlled. If I were an investor in Russia, I would view this as an entry point. Once the government is comfortable with those three assets, they might open up access to other altcoins within the next two to three years. For now the play is simple: use official channels to stack Bitcoin. If you want to trade Altcoin, you still have to understand the risks of P2P.

[SquirrelJulietGarden]

So to me this isn't "pro-crypto" vs "anti-crypto". It's just Russia's version of crypto: safe, slow, and controlled. If I were an investor in Russia, I would view this as an entry point. Once the government is comfortable with those three assets, they might open up access to other altcoins within the next two to three years. For now the play is simple: use official channels to stack Bitcoin.

The regulatory control is stricter when you want to cash out your cryptocurrency while it is more easier when you want to purchase cryptocurrency. If you have legal money, you can use it to buy bitcoin, ETH, USDT very easily on licensed platforms or P2P even in person.

Things become harder and more risky for you if you want to cash out in "illegal" ways, you can do that, but many risk will appear, like with cash, you can not know it is real or fake cash. If it is through bank transfer, you will never know that your trade partner has "clean fiat for bank transfer" or only has "dark money" which will bring legal troubles for your bank account and you too.

If you want to trade Altcoin, you still have to understand the risks of P2P.

P2P is for Bitcoin too, for Ethereum and USDT too, not only shitcoins.