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

[BALIK]

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.

The new rules issued by Russia's central bank only apply to domestic exchanges/brokers and non professional investors. They don't apply to foreign platforms like Bybit, OKX, or Binance, or non custodial wallets. So it is fair to say that Russian investors can still access, invest in, and own any coin they want. There are no real restrictions on that, and I do not think this will have any significant impact on the market.

https://vc.ru/crypto/3085854-chto-zhdet-bybit-i-kriptobirzhi-v-rossii

[m2017]

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

You forgot to clarify one detail: exactly "who" is affected by this situation. For the regulator, it will clearly be a positive development, since the regulator itself laid down these conditions (with its own interests in mind). For investors? I believe it’s negative; there is nothing good about such restrictions, as they "tie one's hands" and eliminate opportunities due to the extremely limited range of investable assets. Only 3 assets, eally? Are you kidding?

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 am certain that none of this has anything to do with looking out for investors, for any regulator cares primarily only about itself.

Of course it contradicts it. And the worst part is that a market subject to such restrictions will be "artificial"—constrained and incapable of organic growth.

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)...?

Of course, this is merely a form of control, one that, more often than not, simply gets in the way and deprives the regulator of substantial future revenue (taxes), as such initiatives stifle the market and hold back further development and expansion.

It is not that we hate it; it is that it causes harm.

[Aanuoluwatofunmi]

All we want to see from most of this countries is their support in creating a friendly regulatory framework over Bitcoin adoption and this is the general approach we want them to have in support of the use of people in their countries, while to us all, we have to know what we wanted and also avoid having our entire assets on some of these platforms they are suggesting us to use for our Bitcoin transactions, we should not put all our bitcoin on their exchange platforms if you want to be prevented from their regulations.

[CryptopreneurBrainboss]

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)...?

In the attempt to control the narrative as they always try to do, they're still bringing in publicity to the industry and introducing newer audience that'll eventually turn investors so it's a win/win situation for the industry.

Although we have to be worried about freedom been of choice being denied by the government. But at least this list lets us know something that shows some positivity that we're on their minds, they're seeing our motion  and fear our momentum and now they can't ignore the industry anymore.

Now that we have gotten their attention it's just a matter of time before the real way the market was meant rto function will be achieved. When we get the new users, we teach them what the industry is about and they'll eventually catch up with time.

[Faisal2202]

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.

That's a good point. They must have chosen it because of its high market cap, so a better choice from the category of stablecoins and most likely the best choice for someone who prefers to hold USDT instead of USDC.

Most of the pairs are in the USDT form, but still, they could never do it on purpose. They would have allowed another stablecoin than USDT.

Just thinking, have they not learned their lesson from 2022? But I think there is no conspiracy here, no theory, just that Russia might have accepted the reality that USDT is the most used stablecoin for traders, and that's why they have allowed it. But they should reconsider if they really don't want us to be in control of their citizens' funds, or maybe they want US to be!

[Slow death]

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)...?

We're talking about the Russian government. I don't know why anyone would expect anything good from the Russian government; it's clear they're going to heavily control people, and anyone who dares to follow their chosen path had better make sure not to break their rules. I read the article and I can't see where in this news that anything good would be considered. Bitcoin is about freedom, and it's true that KYC exists, but we don't see other governments setting a maximum value that their people can buy in Bitcoin per year.

Let's be honest, how on earth does a person wake up, go to work, suffer at work, and get to the end of the month to earn their salary, but the Russian government forces that person to have limits on the amount of Bitcoin they can buy per year?

I used this website to see how much 300,000 rubles was in dollars, and to my shock:



source: https://wise.com/gb/currency-converter/rub-to-usd-rate

The maximum amount that each non-qualified person can buy in bitcoin in dollars is $3,627.57. Just look at how the Russian government divides people into categories – it's shocking. But going back to the $3,627.57 annual limit, that amount isn't high for people in European countries. So I searched "what is the minimum wage in Russia?" and found it's 22,440, which corresponds to $271.34. So imagine people who earn high salaries? They would be able to buy many bitcoins, but the government limited everyone to $3,627.57 per year, and the rich have no restrictions. Now I wonder:

Is being poor a reason to be stupid? Is being rich automatically intelligent? Do rich people never make mistakes? Something like buying a currency and having it fall sharply?

That's the problem with dictatorial governments. They never like their own people; they only use them for their nefarious purposes. The Russian government has some evil plan behind this measure. news from August 7th of this year:

Russia has shut down nine unregistered crypto exchanges in Moscow, with the FSB alleging they helped move scam proceeds abroad through Ukrainian call centers.

source: https://cointelegraph.com/news/russia-shuts-down-crypto-exchanges-moscow-city

Given the high level of paranoia this Russian government has about Ukraine, I wouldn't be surprised if they suddenly started arresting many people who buy Bitcoin and accused them of funding Ukraine. Honestly, I wouldn't be surprised.