Russia to ban peer-to-peer crypto trades: What does it mean for traders?

[Cookdata]

Physical P2P or trade in person is very risky, with risk of physical attacks. You can be a target of physical attacks from a strange trade partner that found on a P2P market place or even with a person you knew well enough.

When things relate to money, and trades are made in person, if location of a trade is not chosen carefully, you face with many risks.

I don't don't know the goodies attached to physical p2p trading but I'm never doing that thing. Do you see how gold dealers get stab during trades, that's an approved, recognized legal tender and you want to try Bitcoin that no one would be able to trade. Those guys walk around with gun just incase if a customer want to go rugged with them. It's not worth it even if there is extra fee attached to it.

There are many decentralized exchanges. The traders on some Dex didn't pop out of nowhere, they at some point had some restrictions and they became a regular user of that Dex. If the government push to hard, people are going to use Dex as alternative. Most often, when you see people are not using Dex, it's because they don't have government that is limiting them of what they want. As soon as they start, they change to Dexes.

[Hamza2424]

Let me just brief it for you.

Russians can no longer use third-party market place to trade bitcoin and other cryptocurrencies.
Russians can not longer trade P2P also by sending it from noncustodial wallet to noncustodial wallet.

Only Russia approved exchanges and brokers can be used.
I think Russia crypto regulations is becoming something else.

They are advancing in controlling things, but they can't control all these operations either. Although it can be a hurdle for those who don't want to register their operations with the government, either because they don't trust them or because they don't want to pay taxes.

But I have seen those who got caught before being announced as supporting Ukraine and then being punished that way too.

[Abiky]

Putin will go away, one way or another, with his death, his step down proactively, or a de coup in Russia. He is a human that has lifespan limit so he won't be a leader of Russia for many long time. The danger from him is his illusion about power and unrealistic vision for the nation or perhaps for himself and his ambitious legacy. While I believe that Putin does not care about the future of Russian citizens, that is very dangerous for people there.

He also knows that in Russia with current bad conditions after the war against Ukraine since early 2022, if he does not ask the government to tighten the national border as well as financial flow control, most Russians will flee away from other neighborhood nations.

The 8-month grace period is quite unsure because I think enforcement will be go into effect much earlier than that. In Russia, Putin can change many things quickly but he does not make this country better, actually make it worse because of his aggressive ambitious illusion.

Buddy, Putin doesn't need to be alive for the regime to continue. There could be others who think just like him. If he dies, he will be replaced by a "loyalist" or one who used to idolize Putin. It could be the Prime Minister, or someone else within his cabinet. Only a change towards true democracy would give Russians hope within the country. The world would embrace such a move with open arms. Until then, we should expect tighter regulations from the regime. Crypto access or even trading will be strictly limited. Except for government officials. They will be able to freely use crypto.

Anyways, who says people need to trade on centralized exchanges? They can just trade via a DEX and use a non-custodial wallet to remain under the scope of the government. Using privacy coins and a VPN would be a plus. This is all possible thanks to the decentralized nature of crypto. Otherwise, it would've been easy to enforce the rule of law. I think there will be an underground crypto economy in Russia (if there isn't one already). People would need to be careful not to get caught, because if they do, it'll be game over for good. Just my two sats.

[PrivacyG]

You can't really try to claim that the only reason that Bitcoin is so big in the US is because the US is much more advanced and richer than the EU, because that is what it would come down to me if you removed the unfavorable regulations argument?

You are right, there are other reasons too, such as the constant conflicts of interest of the current sitting President and the Billionaires leeching on to him and his 'pro Bitcoin' plans, other wise known as the 'scam your own supporters and enrich your self' plan.  The Bitcoin situation looked a lot better when things were more gray than now.  'Bitcoin big in The United States' does not mean things are better, and to some body like me they are definitely not.  From Billionaires pulling a significant portion of the Bitcoin supply to ETFs and all the other things, they do not make Bitcoin any better for me.

[lovesmayfamilis]

It might not, I assume that even if the unapproved exchanges or trading platforms is blocked, those full time traders will still find a way to use the exchanges of their choice in carrying out the different types of trading that they do, the only challenge would be if the exchange put a restriction on people from there. In my country, there's about two exchange I can't access but if I want to use them, I use VPN  and they don't have issues with that while there is another exchange that I tried to register on and they said there's restriction in my region. So, what am just saying is that, as long as those full time day to day crypto traders can still access those unapproved exchange, they won't completely comply to this ban that their government want to put.

Using a VPN on some exchanges can still play a cruel trick on you one day - by completely freezing your funds. And yes, today's technology allows exchanges to monitor VPNs well, and freezing funds usually happens at a very unexpected moment. And that's not all if we talk about traders from Russia. The government has been very persistent in blocking VPN sites themselves, so much so that people are being punished for using them. I've already written about this: the world is huge, and life shouldn't end where a person has to obey stupid laws.. There is always a choice of a change of residence, and for Russians this is becoming more and more obvious every year.

[Silverstonez]

Let me just brief it for you.

Russians can no longer use third-party market place to trade bitcoin and other cryptocurrencies.
Russians can not longer trade P2P also by sending it from noncustodial wallet to noncustodial wallet.

Only Russia approved exchanges and brokers can be used.

The prohibition start on July 1, 2027

https://crypto.news/russia-to-ban-peer-to-peer-crypto-trades-what-does-it-mean-for-traders/

I think Russia crypto regulations is becoming something else.

This is so ridiculous because the whole point of crypto is financial freedom and now Russia is turning into something else entirely. I still don’t understand why the Russian government wants everyone in their country to depend only on government approved intermediaries to trade their own assets. In my opinion, which I’m sure it won’t count, the Russian government should allow their citizens to use any third party services of their choice, and the restriction is nothing but a treat to financial freedom and personal choice.

[Byebyebtc]

What's the point of Bitcoin then, do they feel it's all about investment?
When you hear about Bitcoin, privacy and control over your money is primarily the point of Bitcoin, if individuals can't trade their own Bitcoin with others, how much financial freedom or privacy is left then ? , slowly they are getting rid of decentralization

[Dogedegen]

You can't really try to claim that the only reason that Bitcoin is so big in the US is because the US is much more advanced and richer than the EU, because that is what it would come down to me if you removed the unfavorable regulations argument?

You are right, there are other reasons too, such as the constant conflicts of interest of the current sitting President and the Billionaires leeching on to him and his 'pro Bitcoin' plans, other wise known as the 'scam your own supporters and enrich your self' plan.  The Bitcoin situation looked a lot better when things were more gray than now.  'Bitcoin big in The United States' does not mean things are better, and to some body like me they are definitely not.  From Billionaires pulling a significant portion of the Bitcoin supply to ETFs and all the other things, they do not make Bitcoin any better for me.

Attacking the president or what he does wrong has nothing to do with the status of the Bitcoin industry in the US, and neither do any other conflict of interests that you bring up. He can run as many scams as he wants, that does not change that Bitcoin's regulation and clarity have advanced significantly. It seems that you are strongly intent on defending the EU which has been lacking in innovation in many technology areas, and has no good will toward Bitcoin. I find it strange that you want to defend it when there are no grounds to do it, do you live there or why do you do that? Bitcoin has significantly improved since the US has gotten involved. We might dislike companies, ETFs, institutions and everything because we are small in the system, it does not make the system bad or just makes us a bit angry for being where we are.  It is better to admit these things than to live fantasies say studies.

What's the point of Bitcoin then, do they feel it's all about investment?
When you hear about Bitcoin, privacy and control over your money is primarily the point of Bitcoin, if individuals can't trade their own Bitcoin with others, how much financial freedom or privacy is left then ? , slowly they are getting rid of decentralization

Bitcoin can be used in many ways, from full use with all its functions to partial use of a limited amount of what it provides. If someone does not want to use it like we use it, or how we want others to use it, that does not make them bad. They are just not fulfilling our expectations, it is time to face the practical world and know the difference.

[masulum]

with others, how much financial freedom or privacy is left then ? , slowly they are getting rid of decentralization

As we know, governments always don't like privacy and decentralization become more popular especially if it related with money or assets, because they are cannot collect taxes from assets and/or transactions by their citizens. when they are unable to get tax, with a reason to "protect" their citizens, they create a regulations, even behind that regulations just to make any transaction activity that doesn't pay taxes to the government accussed as illegal or make it difficult just like with banning P2P transaction. Therefore, in some countries, the crypto community has decided to open P2P services but they are still paying taxes, maybe not good for some people, because no more decentralized, no more privacy, but in other side they are doesn't have an alternative.