Cryptocurrency will not save Russia from sanctions

Abiky

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Quote from: niceli on May 28, 2022, 02:04:03 PM

I feel like Russia doesn't need it? I mean look at their economy, they are selling MUCH less stuff, and yet they are making more money because of the increasing prices. Also remember that between energy and wheat, Russia had a ton of stuff that the whole world needs right now, these are not stuff that we "want", its a need, which is why I doubt that it would be a problem for them, they will keep on getting richer.

Russia has its own natural reserves, so it may not need to accept crypto to rise from the ground up. The government can simply continue to make negotiations with allied countries in order to keep the economy afloat. Adding crypto to its balance sheet would be a plus, as it could serve as an emergency funding when all other options are exhausted. Putin always plans things beforehand, so it's likely he devised a contingency plan in order to "circumvent" sanctions as much as possible.

All in all, I'd be a miracle if the Ruble rises back to its former glory with sanctions in play. That would mean the end of democracy and the current world order as we speak. I hope the US and its allies don't allow that to happen or things will only get worst in the long run. Just my thoughts Grin

niceli

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I feel like Russia doesn't need it? I mean look at their economy, they are selling MUCH less stuff, and yet they are making more money because of the increasing prices. Also remember that between energy and wheat, Russia had a ton of stuff that the whole world needs right now, these are not stuff that we "want", its a need, which is why I doubt that it would be a problem for them, they will keep on getting richer.

Smartvirus

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Talking about cryptocurrencies to not be able to save Russia from sanctions how free then I we say bitcoin really is.
How is it that, an address would be marked to be owned by the Russian government and a corresponding swap to fiat currency restricted? I think this is just a news aimed at using to make a noise or stir some reaction. Bitcoin or cryptocurrency I free from government intervention and with that being that, they possibly can't be any regulation to it, not like Russia is looking towards cryptocurrencies for there salvation or to escape sanctions on them but, the part in this war is neutral.

Anonohmon

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that's where anonymity comes in. buy XMR and then convert to BTC.

but russia is probably not the bad guy

bitzizzix

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Yes, among other things crypto will be interesting to watch, which Russian will use crypto for what?
Will Putin and the oligarchs use crypto to evade sanctions?
Will Russian residents use crypto to get their money out of the volatile ruble, which will continue the ruble's collapse?

For Putin and the oligarchs, this is a double-edged sword, and so far I believe the Russian population has used bitcoin and stablecoins, pegged to the USD, to get their funds from the ruble, much more than Putin and the oligarchs are using crypto to evade sanctions.
and crypto also gave him a way to circumvent existing banking infrastructure and raise funds for his projects without having to rely too much on foreign-owned banks.

harapan

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Bitcoin will always serve it's purpose in financial crises just as ita done over time.
The sanctions are nothing when it comes to using Bitcoin and some Digital currencies.
It will save Russia just as it already done for them, and sanctions wouldn't stop China and their Soviet members from dealing with them.

Argoo

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Quote from: zaesvlas on April 20, 2022, 08:15:15 AM

I think that the Russians have taken up the issue quite firmly, and this simply will not be allowed. At least that's how I would like it to be.

Do you like Russia's tough approach in international relations? Then you can rejoice: Putin has decided not only to unleash the biggest war in Europe since the Second World War, but it looks like he is also going to unleash a world nuclear war. This cancer-sick old man already has nothing to lose, but human civilization as a whole has something to lose. According to the intelligence of some countries that are related to this war, Putin was going to move part of the nuclear potential to Belarus and from there to strike not only at Ukraine, but also at Poland, as well as Lithuania. According to the Kremlin, this should scare both Europe and the rest of the world, since the current military defeat in Ukraine has greatly humiliated Putin.
But the civilized world, and primarily the United States and England, is unlikely to be only observers this time. They predict that as soon as the first actions to move nuclear weapons from Russia to Belarus are confirmed, NATO will enter the war against Russia. The United States has a developed program that makes it possible to destroy any state, including Russia, in a non-nuclear way within one hour. In any case, the world can expect big upheavals. And in this case, it will no longer be up to bitcoin and cryptocurrency.

zaesvlas

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I think that the Russians have taken up the issue quite firmly, and this simply will not be allowed. At least that's how I would like it to be.

Sayeds56

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Quote from: Darker45 on March 01, 2022, 08:38:09 PM

Of course. There are limits to what Bitcoin and other cryptocurrencies could do. While the use of Bitcoin could probably ease the sanctions in certain aspects, it is helpless in many. After all, the sanctions are imposed on fiat accounts and banks and reserves. What could Bitcoin do, for example, if the Kremlin's hundreds of billions of US dollar in foreign reserve is frozen? How could Bitcoin be of help to the elites in Russia if the sanction is depriving them of access to their foreign bank accounts?

Well said. Bitcoin will certainly mitigate the impact of sanctions but there are limits as big transactions will be noticed. The impact of sanctions on Russian ruble was huge in the beginning when its price plunged more than 50% within days but it recovered its lost value within weeks, which reflects inherent strength of Russian economy. The sanctions might carry less weight in a country that is taking steps to legalize cryptocurrencies and where the digital assets are already widely owned. Typically, nations employ physical workarounds to avoid sanctions, such as Venezuela and North Korea's use of ship-to-ship transfers of fuel, but digital assets like crypto and decentralized exchanges could become the most effective way to circumvent penalties.

“Neither dictators nor human rights activists will encounter any censor on the Bitcoin network,” said Matthew Sigel, head of digital assets research at investment manager VanEck.

https://www.ndtv.com/business/how-crypto-may-help-russia-and-its-billionaires-go-around-sanctions-2788483#:~:text=Cryptocurrencies%20may%20help%20Russia%20and%20its%20billionaires%20blunt,sanctions%E2%80%9D%20in%20response%20to%20Russia%27s%20invasion%20of%20Ukraine.?msclkid=44434c7cc0aa11ec8460b9c575dd7418

Ozero

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Quote from: LUCKMCFLY on April 10, 2022, 12:17:43 AM

Quote from: KennyR on April 02, 2022, 07:25:18 PM

Slowly Russia is trying to come out of the sanctions through its friendly countries. As a beginning rupee- ruble trade mechanism is under development. How does the trade mechanism work

Quote

When an Indian bank is finalised, Russia will deposit ruble in it, while India will deposit rupees. A notional exchange rate (that determines how many rubles are equivalent to a rupee) will be arrived at by pegging it to an international currency, “most likely the dollar”

Similar trade mechanism is set up to import Iranian oil when the US imposed sanctions against that country. Russian foreign minister Sergey Lavrov visited China and have reached India to make talks. It looks like everything is successful and more friendly countries of Russia will be considered for the same.

I really didn't know they were doing that, I think that's a very desperate way to justify having a good economy and stop the decline that Russia was going through, however I don't think the Russian economy is going down so fast, because apart from India, Russia has China as a delighted ally, and this is a country that can give it oxygen, on the other hand, if they continue to sell cheaper oil to India or any other country, then they will continue to do so, it is for this reason that OPEC is studying the way that the price of crude can rise, some speculations affirm that it can take it to 300USD, which is very high, it is only a matter of waiting.

Russia offered India its oil at a 35 percent discount. An appropriate agreement was concluded, but the volumes of deliveries are very small and will not save Russia. China is very cautious with regard to Russia and will only do what is beneficial to them. And it is beneficial for them that Russia becomes a poor country and use it as a raw material appendage.

The countries of the European Union have already prepared and agreed for the adoption of the sixth package of sanctions, which will be introduced next week after the second round of presidential elections in France in this country. The main thing in this package of sanctions is the introduction of a complete embargo on Russian oil and gas. They will quickly finish off the economy of the aggressor country or force it to stop its war of conquest in Ukraine.

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Quote from: KennyR on April 02, 2022, 07:25:18 PM

Slowly Russia is trying to come out of the sanctions through its friendly countries. As a beginning rupee- ruble trade mechanism is under development. How does the trade mechanism work

Quote

When an Indian bank is finalised, Russia will deposit ruble in it, while India will deposit rupees. A notional exchange rate (that determines how many rubles are equivalent to a rupee) will be arrived at by pegging it to an international currency, “most likely the dollar”

Similar trade mechanism is set up to import Iranian oil when the US imposed sanctions against that country. Russian foreign minister Sergey Lavrov visited China and have reached India to make talks. It looks like everything is successful and more friendly countries of Russia will be considered for the same.

I really didn't know they were doing that, I think that's a very desperate way to justify having a good economy and stop the decline that Russia was going through, however I don't think the Russian economy is going down so fast, because apart from India, Russia has China as a delighted ally, and this is a country that can give it oxygen, on the other hand, if they continue to sell cheaper oil to India or any other country, then they will continue to do so, it is for this reason that OPEC is studying the way that the price of crude can rise, some speculations affirm that it can take it to 300USD, which is very high, it is only a matter of waiting.

rby

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Quote from: Accardo on March 01, 2022, 07:31:41 PM

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well. Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from

The wallet that would be flagged and check if it's heading to China would be flagged by who? And what kind of wallet would be that; custodial or non custodial?
Are there no developers in Russia?
Well Russia got no international ally, how about China.
Bitcoin is the solution to Russian woes and it is helping them already.

Argoo

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Quote from: KennyR on April 02, 2022, 07:25:18 PM

Slowly Russia is trying to come out of the sanctions through its friendly countries. As a beginning rupee- ruble trade mechanism is under development. How does the trade mechanism work

Quote

When an Indian bank is finalised, Russia will deposit ruble in it, while India will deposit rupees. A notional exchange rate (that determines how many rubles are equivalent to a rupee) will be arrived at by pegging it to an international currency, “most likely the dollar”

Similar trade mechanism is set up to import Iranian oil when the US imposed sanctions against that country. Russian foreign minister Sergey Lavrov visited China and have reached India to make talks. It looks like everything is successful and more friendly countries of Russia will be considered for the same.

In trade between countries, not only money is involved, but also goods that are bought or sold for this money. International sanctions, on the one hand, prohibit Russian banks from entering the international market and seize the assets of these banks abroad, and on the other hand, impose a ban on the import or export of certain groups of goods. It turned out that Russia is far from being a technologically advanced country and largely depends on the supply of various spare parts and components, even if its own production is established there. Large amounts of money in any currency or cryptocurrency are tracked, and even more so large volumes of goods. Part of the supply of sanctioned goods may go unnoticed, but for the most part, Russia cannot get away from these sanctions.

KennyR

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Slowly Russia is trying to come out of the sanctions through its friendly countries. As a beginning rupee- ruble trade mechanism is under development. How does the trade mechanism work

Quote

When an Indian bank is finalised, Russia will deposit ruble in it, while India will deposit rupees. A notional exchange rate (that determines how many rubles are equivalent to a rupee) will be arrived at by pegging it to an international currency, “most likely the dollar”

Similar trade mechanism is set up to import Iranian oil when the US imposed sanctions against that country. Russian foreign minister Sergey Lavrov visited China and have reached India to make talks. It looks like everything is successful and more friendly countries of Russia will be considered for the same.

7788bitcoin

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Quote from: Accardo on March 01, 2022, 07:31:41 PM

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well. Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

Why would Russia convert Bitcoin into fiat, if at all they will convert them to Bitcoin to make global transaction and avoid the sanctions, but one thing is true, if there is a large amount of Bitcoin accumulation, it can be monitored and if a state or a country does that, it is easy to identify them. But in order to avoid these restrictions they will have alternative ways because they are having close ties with China and they will help them in overcoming the SWIFT blockage.

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Quote from: Accardo on March 01, 2022, 07:31:41 PM

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well. Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from

Russia is a self-sufficient country, Putin is not a fool or a child. He knows very well what to decide. Such a free movement of NATO is not a pleasant thing at all.

If Russia and China become one now, World War III will be certain.

I think legalization of cryptocurrency is a big decision for them,
In just one attack, Ukraine's Fiat Money has become worthless. The ruble has fallen significantly. I think, People now understand the real need for Bitcoin.

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Quote from: tyz on April 02, 2022, 05:36:11 AM

Don't be so Europe-centered. Almost no country in Asia and Africa for example, have implemented sanctions against Russia. China and India alone have almost 3 billion inhabitants. That is five times as much as entire Europe and three times of all Western countries together. Both China and India have not turned against Russia and continue to trade diligently with the country.

Moreover, Europe continues to buy oil and gas, in part undermining its own sanctions. This can be seen in the value of the ruble alone, which has significantly improved again and is almost at pre-war levels.

The war is basically between the west and Russia, which means that when we are talking about that, we talk about west vs Russia. If we were to check the % of the nation in the world and how many of them have sanctions, we would probably stay under 30% or so that have sanctions, probably closer to 10% if you consider those small island places as well.

This is why I honestly do not think that there is a big problem with the west thinking that it should matter than they do, but at the same time they are right about this one because thats the main topic. Nobody says Latin America have sanction, they just know that Europe is close and rich, so it should matter and for this time they are right.

The Cryptovator

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If you know how Bitcoin works, you should realize it's impossible to trace it the right way. At least Russia does not use Bitcoin for the crime. Bitcoin would help them make international transactions, but the problem is its not officially approved by each country. So through Bitcoin not possible to ignore sanctions at all since the world still depends on paper money. But the as media said monitoring transactions and flag them is quite impossible. That won't happen ever.

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Quote from: Accardo on March 01, 2022, 07:31:41 PM

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well. Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from

This was pretty obvious. Even if it is headed to the Russian Government and not tracked, the amount we are talking about here is in Billions, how do you think is Russia going to convert billions kept in cryptocurrencies to fiat just like this only? How will it find a buyer who is willing to give them rubles in return? They definitely cannot directly approach any exchange for the money, this in itself was a stupid hypothesis until and unless the lenders are ready to take back their repayments in cryptocurrencies but even that won't happen because most of the lenders would be sovereign banks, who too would face the same issue.

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Quote from: tyz on April 02, 2022, 05:36:11 AM

Don't be so Europe-centered. Almost no country in Asia and Africa for example, have implemented sanctions against Russia. China and India alone have almost 3 billion inhabitants. That is five times as much as entire Europe and three times of all Western countries together. Both China and India have not turned against Russia and continue to trade diligently with the country.

Moreover, Europe continues to buy oil and gas, in part undermining its own sanctions. This can be seen in the value of the ruble alone, which has significantly improved again and is almost at pre-war levels.

Quote from: fuguebtc on April 01, 2022, 11:30:07 PM

Its sanctions affect the Russian economy but obviously not significantly, it is Europe who is having worse days in Russia. Europe depends largely on Russian gas, but Russia is not dependent on Europe. In addition to legalizing cryptocurrencies to avoid sanctions, Russia still has its supporters. China and India are ready to buy gas from Russia if the EU refuses, the two most populous countries in the world, so energy consumption will not be inferior to the EU.

I agree that if we look at the trade aspect, we cannot focus entirely on Europe. However, in other aspects, such as tourism, culture, education, Europe is perceived by post-soviet countries as a model and reference point. In russia, most people know about European cultural and artistic heritage, not about Indian or African, for example. The situation is the same with tourism. Therefore, the closure of European borders for russia is perceived more painfully and noticeably, even though trade with many other countries, unfortunately, continues.

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