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

[ColdLava40]

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)...?

They already in control of the people's taste or choice. It is not going to be different from investing in a centralized coin.

I was also thinking that since the government are giving these kinds of restrictions, they will have to monitor every crypto investors in their states and the only way I do that is if everyone is forced to use just centralized exchanges for their transactions or Investment.

Good news, it's adoption and a +1 to the crypto community, but the bad news is this isn't democracy. They are not giving the freedom to invest at will. I have no doubt that every transactions would be monitored by the government or even taxed.

[Sunshine1525]

I can see that they included Bitcoin, this could be good for large scale investors like big institutions in the country but for retails it's just the government being in control over how much they can trade with and makes it looks like a protection, it doesn't make sense to me cause it goes against the ideology of Bitcoin which gives people freedom to save and utilize their own money.

From the onset the government has been seeking ways of being in control of Bitcoin and failed then they came up with policies to regulate people's usage, but this current policy of the Russian government is too much, it's control of capital with protection in guise for the free market.

[macson]

The regulation is still a draft; it hasn’t been approved at all. So the proposal was submitted by the Bank of Russia, and it’s possible there will be changes to the draft. Therefore, it’s not yet certain that only those three cryptocurrencies can be traded by Russians; there may be more.

In fact, regulations like this have already been implemented by other countries. In my country, similar regulations exist; my government restricts which cryptocurrencies the public can trade on official exchanges. However, people are still free to access any cryptocurrency they want because cryptocurrency trading isn’t limited to official exchanges, there are still many other channels people can use.

[oll]

Nobody hates government regulations, what people hate is government restrictions and surveillance just to have control over what people are allowed to do. Just look at various boards to find topics where people were excited and happy over the past couple of weeks regarding stablecoins audits by centralized entities and government regulators!

Here is my take as someone currently in Russia. Russia is set to authorize the use of and trading in cryptocurrencies (though you still won't be able to sell assets like a house for crypto). Personally, however, I view this news with great skepticism; it’s hardly a cause for celebration. People here have always had access to cryptotrading, cashing out, buying, and holding it. It used to exist in a "gray area": ​​regulators and oversight bodies didn't go after anyone because there was no strict ban in place. You could operate, but at your own risk. Now, everything has been legalized, but transactions must go through national exchanges. Those who refuse and wish to exchange crypto outside this system face penalties, potentially even criminal charges. In short, the market has shifted from gray to a strict black-and-white dichotomy. While one could theoretically accept this and play by the rules, there is a catch: who wants to explain the source of their crypto to government agencies? Even if you acquired the crypto through perfectly legitimate means - such as payment for your work - it remains a risk, given the inconsistent interpretations held by officials at regulatory and oversight bodies.

[YOSHIE]

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

In my opinion, Russia's policy towards Bitcoin, USDT and also towards Ethereum can have a positive impact on investors and especially the global crypto market, Russia's policy can be considered to have a high possibility of raising the status of the type of crypto in question, because the Bank of Russia has given the green light to this policy, especially for Bitcoin, Ethereum and USDT.

Although we can see that for now Bitcoin there are strict retail restrictions where paying with Bitcoin domestically there are still pros and cons, but that's not a big problem for Russia, at least Russia by implementing a trade policy with these three types of crypto assets will certainly open up opportunities and legal transaction channels on the exporter and importer side, Another thing that has a positive impact is that their crypto exchange feels legal in Russia, I think that is the positive impact that this policy will have.

[X-ray]

It's possible they considered Tether's decision not to pursue EU's MiCA license as something favorable to them. But as far as those frozen assets are concerned, EU had also played a big role in it. It wasn't as if it was just the US unilaterally demanding Tether to freeze Garantex's and other Russian funds. Garantex was included in the EU's sanction package as well.

Well, perhaps they're giving more weight to liquidity, capitalization, volume, and whatnot despite the fact that this could risk more Russian funds, and in spite of the fact that there's also a rubble-pegged stablecoin.

I do believe that Russia's approval of crypto is a workaround to the SWIFT ban which resulted in difficulty doing international business and actually that makes sense, even though it also allows retailer to invest with capped value.

Despite the risk of blacklisting, USDT have the most liquidity and usage for international remittance, which also rule out the reason why they don't really use rubble-pegged stablecoin because it barely has any liquidity and not really used for international trades.

USDT also have large chunk of liquidity and volume in Tron blockchain where there are a lot of Chinese company doing business and international trades using the blockchain compared to other.

[SamReomo]

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 think they've added some goods coins for investors because when it comes to investing then Bitcoin is the only choice for majority of investors and it's included in the list. To be honest, the top traders mostly try to choose only Bitcoin when it comes to trading sometimes they choose alternate coins that are in top 10 list of Coinmarketcap but they strictly avoid low liquidity coins to protect their own funds. The ones who need to buy rest of the coins can try different platforms that doesn't require KYC and allow swapping of one coin to other, but if they've such restriction as well and they monitor such things as well then that will somehow make things harder for the ones who want to have rest of the coins beside Bitcoin, Ethereum, and USDT.

[oll]

Although we can see that for now Bitcoin there are strict retail restrictions where paying with Bitcoin domestically there are still pros and cons, but that's not a big problem for Russia, at least Russia by implementing a trade policy with these three types of crypto assets will certainly open up opportunities and legal transaction channels on the exporter and importer side, Another thing that has a positive impact is that their crypto exchange feels legal in Russia, I think that is the positive impact that this policy will have.

Cryptocurrencies were presented as something that did not need an intermediary. And now in Russia, regulators are wedged between two conditional crypto enthusiasts, one of whom wants to buy crypto and the other wants to sell it. Why can't these crypto enthusiasts do this? It's their own business. But now the state is tightening laws, meaning that without the state, or rather its regulatory authorities and exchanges, such an exchange will be severely punished. This is wrong, even if it's safe. I don't want to pay a tax on crypto, and I don't bother explaining where I got my crypto from. I know the employees of the tax authorities, and believe me, if I start explaining to them about the signature of the campaign on this forum and the online casinos that pay for it, the tax service will not understand me unequivocally. And because of the discrepancies, they may well understand something in the illegal plan.

[Die_empty]

Cryptocurrencies were presented as something that did not need an intermediary. And now in Russia, regulators are wedged between two conditional crypto enthusiasts, one of whom wants to buy crypto and the other wants to sell it. Why can't these crypto enthusiasts do this? It's their own business. But now the state is tightening laws, meaning that without the state, or rather its regulatory authorities and exchanges, such an exchange will be severely punished. This is wrong, even if it's safe. I don't want to pay a tax on crypto, and I don't bother explaining where I got my crypto from. I know the employees of the tax authorities, and believe me, if I start explaining to them about the signature of the campaign on this forum and the online casinos that pay for it, the tax service will not understand me unequivocally. And because of the discrepancies, they may well understand something in the illegal plan.

Recently, a member of the crypto community was arrested in my country. His compound was invaded by the police because they suspected that some internet fraudsters were living there. His story scared me because most of these law enforcement agents don't know much about crypto transactions. They concluded that he was a criminal because he was living well. He was locked up without a trial for more than one week because these officials were inexperienced and couldn't trace his crypto transactions. Luckily, they consulted with an agency that investigated and revealed that he got his money from legal means. One of the major reasons why I would always use crypto is because it is very painful to pay crypto tax to a goverment that that doesn't care about the welfare of the people.

[justdimin]

What surprises you? The vast majority of media news is completely uninformative and doesn't allow you to form an accurate picture of the world. 🙋

What difference does it make which cryptocurrencies can be legally traded in Russia? In my opinion, anonymously exchanging one cryptocurrency for another online is straightforward. If you have Solana, you can easily exchange it for Bitcoin. It's a very simple task... Problems usually arise when people try to exchange cryptocurrency for fiat money.

Starting July 1, 2027, organizing illegal cryptocurrency exchanges in Russia will be punishable by up to seven years in prison. This is important information. 💁

Because that doesn't really make anyone any profit, and just gets you hate. If you pick one side and just write based on that side, then you are going to get love from that side and hate from the other side, and that's fine, because it means you will make money.

But if you only pick the truth, that means you are going to go against both sides whenever htey are wrong, and you are going to support both sides whenever they are right, and that will make other people say that you are from the enemy, and you might feel confused, like how could I be the enemy to both of you, that doesn't make sense, but it will be the case. So the media usually picks sides, and even if they have to lie, they lie, because that is how they can afford the salaries.

[oll]

Cryptocurrencies were presented as something that did not need an intermediary. And now in Russia, regulators are wedged between two conditional crypto enthusiasts, one of whom wants to buy crypto and the other wants to sell it. Why can't these crypto enthusiasts do this? It's their own business. But now the state is tightening laws, meaning that without the state, or rather its regulatory authorities and exchanges, such an exchange will be severely punished. This is wrong, even if it's safe. I don't want to pay a tax on crypto, and I don't bother explaining where I got my crypto from. I know the employees of the tax authorities, and believe me, if I start explaining to them about the signature of the campaign on this forum and the online casinos that pay for it, the tax service will not understand me unequivocally. And because of the discrepancies, they may well understand something in the illegal plan.

Recently, a member of the crypto community was arrested in my country. His compound was invaded by the police because they suspected that some internet fraudsters were living there. His story scared me because most of these law enforcement agents don't know much about crypto transactions. They concluded that he was a criminal because he was living well. He was locked up without a trial for more than one week because these officials were inexperienced and couldn't trace his crypto transactions. Luckily, they consulted with an agency that investigated and revealed that he got his money from legal means. One of the major reasons why I would always use crypto is because it is very painful to pay crypto tax to a goverment that that doesn't care about the welfare of the people.

Very often, the most important thing for them is to consider the cryptocurrency guilty. And each accused must prove otherwise, enduring humiliating treatment and accusations, under the weight of often unfair charges. And they must spend money on lawyers, whose services are generally not cheap. And this despite the existence of the concept of "presumption of innocence," which means a citizen is innocent until someone provides absolutely clear evidence to the contrary. Of course, when such a crypto enthusiast proves their innocence, they will harbor great resentment towards the state and will evade taxes solely as a matter of principle, as you rightly noted. They will be angry. And all because of what? Because someone carelessly accused them without evidence.

[Synchronice]

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)...?

Sadly, the majority of population wants to be controlled by the government and they choose the government to be controlled by a limited amount of brains. People also always blame the government for their own mistakes and that's clear in gambling. If someone gambles, they and their families blame the government for not restricting gambling. So, I guess, since people will blame the government if they lose money by investing in different coins, the Russian government decided to set the limit, i.e. people will be able to face a ₽300,000 annual purchase limit through each intermediary and must pass a test to bypass that limit. When they pass the test, they'll be able to trade other cryptocurrencies without monetary limit.

It's probably good news for masses and it also helps adoption.

[Antotena]

This isn't crypto anymore, if you want people to trade their crypto assets, then allow the crypto owners a free trade zone for their assets, you cannot be the one to regulate the process of licensing and approving who will have to trade their coins. Crypto is all about private ownership of most of the assets, so the idea of using the Russian Central Bank in monitoring the activities of people's assets gives a total disapproval about what crypto assets especially Bitcoin stands for.

Sometimes I begin to think that Russia is another version of North Korea but it just that the people there have some freedom to their names, not a complete one but they have the chance because why all this regulations. I don't know the Bitcointalk status but then may of the Russian people can't visit Bitcointalk without VPN because their government banned them from here, most of the active members from over there were accessing it through a VPN.

If you are not going to allow Bitcoin, it's better they let people know than this slavery and come to think of it, they are not many when it comes to Bitcoin investors. You may be surprised that the government that is trying to make this regulations may not be aware of this regulations. It might juts be one guy that is proactive in the Russia government is trying to make this thing possible, the government sometimes doesn't have time for some of the things posted about them when it comes to Bitcoin.

[Faisal2202]

They allowed USDT but not XRP? That's strange. It tells me they care about their citizens' money, which is also capped per year. That kind of money is allowed to be kept in USDT but not in XRP because? XRP is what? It is not that volatile, even.

This seems like a geopolitical step taken against XRP on some grounds we don't know, but Russians do. But still, this regulated access is far better than the ban situation. Whoever wants to trade XRP or whatever coins they want can, they are already trading. What else can the Russian government do? Nothing.

[tbct_mt2]

They allowed USDT but not XRP? That's strange. It tells me they care about their citizens' money, which is also capped per year. That kind of money is allowed to be kept in USDT but not in XRP because? XRP is what? It is not that volatile, even.

This seems like a geopolitical step taken against XRP on some grounds we don't know, but Russians do. But still, this regulated access is far better than the ban situation. Whoever wants to trade XRP or whatever coins they want can, they are already trading. What else can the Russian government do? Nothing.

It can be explained because USDT has bigger market cap than Ripple XRP, you can see there.
https://coinmarketcap.com/

USDT: $183.02 B
XRP: $87.8 B

It's big different between their market caps but there is even bigger difference in their 24h trading volumes.
USDT: $134.04 B
XRP: $10.13 B

It's more helpful to have USDT than XRP if they had to choose only one cryptocurrency between USDT and XRP.

[Hamza2424]

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)...?

The first thing that came to my mind is that XRP might be excluded because of its deep ties with the US. Its banking system and legal history make it a politically hard choice for a sanctioned nation which is trying to build a US dollar free nation.

But then I saw USDT there, which they approved?

I mean, what are they thinking? So maybe they want to prove some point that XRP could be stopped from trading if they can actually pull that off in their local exchanges by law, because they could never stop anyone from buying anything they want using DEXs and no KYC exchanges, or swaps, etc.

[nikola22]

Here is my take as someone currently in Russia. Russia is set to authorize the use of and trading in cryptocurrencies (though you still won't be able to sell assets like a house for crypto). Personally, however, I view this news with great skepticism; it’s hardly a cause for celebration. People here have always had access to cryptotrading, cashing out, buying, and holding it. It used to exist in a "gray area": ​​regulators and oversight bodies didn't go after anyone because there was no strict ban in place. You could operate, but at your own risk. Now, everything has been legalized, but transactions must go through national exchanges. Those who refuse and wish to exchange crypto outside this system face penalties, potentially even criminal charges. In short, the market has shifted from gray to a strict black-and-white dichotomy. While one could theoretically accept this and play by the rules, there is a catch: who wants to explain the source of their crypto to government agencies? Even if you acquired the crypto through perfectly legitimate means - such as payment for your work - it remains a risk, given the inconsistent interpretations held by officials at regulatory and oversight bodies.

I think most users would prefer cryptocurrency to remain in this gray area. government attention usually benefits only the government itself. not to mention that you will have to verify the origin of your cryptocurrency but it can also be blocked at any time on any suspicion on a government-regulated platform. although there are still options, such as decentralized exchanges or swaps within crypto wallets. don't you think that exchanges that still accept Russian citizens will start denying them registration and access?

[lionheart78]

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)...?

As we can see, the market reacts positively on this implementation of Russia approving crypto trading likr Bitcoin and other selected cryptocurrency. This approval made by Russia might be one of the catalyst why at the current situation Bitcoin price is up trending.

Any move by the government towards decentralized systems  is obviously trying to have some control but I believe any move that is towards adoption will yield a positive effect.

[Ab de villiers]

Very often, the most important thing for them is to consider the cryptocurrency guilty. And each accused must prove otherwise, enduring humiliating treatment and accusations, under the weight of often unfair charges. And they must spend money on lawyers, whose services are generally not cheap. And this despite the existence of the concept of "presumption of innocence," which means a citizen is innocent until someone provides absolutely clear evidence to the contrary. Of course, when such a crypto enthusiast proves their innocence, they will harbor great resentment towards the state and will evade taxes solely as a matter of principle, as you rightly noted. They will be angry. And all because of what? Because someone carelessly accused them without evidence.

Despite having soft policies and good awareness about crypto, things like these are often happening, and people are suffering badly because they are losing money and confidence, with families also having trauma because in a few countries law agencies are treating them like terrorists.

Few weeks back in our country one person related with crypto was arrested without doing any criminal offense and then have worst things lost of money and torture its disgusting but who cares because still they are not accepting this as normal and giving chance of proving he is guilty or not but while if someone is having nothing from law agencies then criminals are also doing their own tactics life is never been easy for crypto investors or traders they are currently suffering badly and have no way for living peacefully in many countries.Things are going to improve, but it will take time. This is always a problem. Hopefully, they will understand and have a better way to understand about this.

[Renampun]

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)...?

Although if this regulation is passed, it can provide legal certainty to investors since they can trade crypto in a legal area, but it also seems restrictive because with this regulation, it means that people can only trade a limited number of cryptos on official exchanges.. while if they trade outside of that, they will certainly face legal consequences. So I think that this regulation has a bigger negative effect than the positive it brings because it seems like the government wants to control the market as a whole where people should trade crypto and what they can trade.