Topic: Cryptocurrency will not save Russia from sanctions - page 2. (Read 1152 times)
Russia was giving sanctions that maybe affection their economy even if its not to serious. Russia accepting cryptocurrency and collect bitcoin as payment for their oil is the only option Russia can help their economy. Cryptocurrency may not be giving Russia everything they want but atleast its working for them, it would have been difficult for Russia.
In reality all countries are mostly on Russian side in action but are against them in words.
I can`t agree with that. Of course, the russian economy cannot, unfortunately, be completely halted in 5 weeks of war. However, sanctions are already having a significant impact. Almost all European countries have stopped flights to russia. They are cut off from the world, from international companies, from the ability to move freely. People lose their jobs, goods disappear from the market. It is no longer possible to go far with some cries about russian gas.
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.
In reality all countries are mostly on Russian side in action but are against them in words.
I can`t agree with that. Of course, the russian economy cannot, unfortunately, be completely halted in 5 weeks of war. However, sanctions are already having a significant impact. Almost all European countries have stopped flights to russia. They are cut off from the world, from international companies, from the ability to move freely. People lose their jobs, goods disappear from the market. It is no longer possible to go far with some cries about russian gas.
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.
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
https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from
Of course they can, the only entry route they can have to place sanction on Russians account is on those making use of a centralized exchanges but it is not possible in a decentralized wallet, because governments have the CEX being regulated and they can at anytime demand for an access to users data.
Russia has already said it will only accept payments for its oil and gas purchases with Bitcoin and rubles. Russia realizes that Bitcoin cannot be denied and is a better-made friend. terms of buying oil and gas with bitcoin and rubles which i think will be a way out of Russia from the sanctions imposed on them.
In reality all countries are mostly on Russian side in action but are against them in words.
I can`t agree with that. Of course, the russian economy cannot, unfortunately, be completely halted in 5 weeks of war. However, sanctions are already having a significant impact. Almost all European countries have stopped flights to russia. They are cut off from the world, from international companies, from the ability to move freely. People lose their jobs, goods disappear from the market. It is no longer possible to go far with some cries about russian gas.
Still have China on their side.
In reality all countries are mostly on Russian side in action but are against them in words.Take the sanctions so far, they are mostly jokes. For example the biggest Russian exports is the energy and it is effectively not sanctioned at all. In fact countries that actually banned it (like US and Canada) weren't really importing that much oil, etc. from Russia in first place. Most of Europe that depends on Russian energy is still importing it like before but with the difference that Russia sanctioned US dollar and forced all those countries to pay with Russian currency (or bitcoin) which would strengthen Ruble while weakening USD!
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
Assuming Russia moves to announce its decision to legalize bitcoin, I think this will be resolved. The pros of bitcoin may be under scrutiny from Russia, but the next reaction if bitcoin is accepted as a form of payment, their RUB will continue to weaken. In this situation, Russia could begin to face the challenge of another economic war. I also think Russia will probably forge another link with their partners or allies around bitcoin before they can propose bitcoin at the final peg. https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from
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
https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from
Like what I previously replied to this post, cryptocurrencies cannot save Russia from its financial turmoil given that Western businesses and products were pulled-out from their country. Though this might be the case, cryptocurrencies can somehow be a band-aid solution giving Russia some sort of circulation and liquidity on their transactions if they were to integrate cryptocurrencies in their projects.
Unfortunately, I do think that Russia will soon see and feel its effects slowly. Their economy may somehow be the downfall of their country if they could not pacify further the restrictions being implemented to their country.
To be fully adopted, of course, it will take the Russian government a long time, while the strict sanctions and embargoes have begun to be effectively implemented, in the short term I believe Russia will not be affected by these sanctions. but in the long term, especially groups that are against the government, it will add to the difficulties in the future.
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
https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from
Well for the most part I would agree with you on this, however remember you can always make OTC (Over The Counter) trades that they would not be able to stop on control for the most part. Also they could however use Monero which can’t be seen by them and it’s truly anonymous, so that’s a possibility.
Of course, bitcoin will not save Russia as a state from international sanctions. This state has not previously shown due interest in cryptocurrency. On the contrary, they believed that the cryptocurrency would harm state interests and the circulation of the ruble. Therefore, the state did not accumulate bitcoins. Now, after the imposed sanctions, it is already too late to do anything in large volumes with the participation of cryptocurrency, so that this does not go unnoticed by society.
Individual citizens of Russia certainly can and will use the advantages that cryptocurrency gives them. However, not so much in order to circumvent the sanctions, but in order to circumvent the prohibitive measures of their state, which were introduced in order to stabilize their economy from the consequences of these sanctions. The ruble is in a fever and getting cheaper, so those who have the opportunity will transfer their capital to cryptocurrency.
Individual citizens of Russia certainly can and will use the advantages that cryptocurrency gives them. However, not so much in order to circumvent the sanctions, but in order to circumvent the prohibitive measures of their state, which were introduced in order to stabilize their economy from the consequences of these sanctions. The ruble is in a fever and getting cheaper, so those who have the opportunity will transfer their capital to cryptocurrency.
What you have described will not only not save the russian economy, but will drive it into an even bigger abyss. People will accumulate savings, they will not use the national currency and will stop the circulation of funds within the state. Everyone wants to save themselves from default, but in fact they create a default by the same desire.
the russian government don't like bitcoin at least that's what i understand and I doubt a lot that the russian government would let its citizens use bitcoin freely just because the country is suffering sanctions, russian regime is a regime of proud politicians and dictators, the kind of people who have in their heads that everything they do is for the good of the country, they think they are patriots and that they should avoid using things that are not made in Russia. with that kind of thinking even if they were starving the government would not allow massive use of bitcoin in the country
Of course, bitcoin will not save Russia as a state from international sanctions. This state has not previously shown due interest in cryptocurrency. On the contrary, they believed that the cryptocurrency would harm state interests and the circulation of the ruble. Therefore, the state did not accumulate bitcoins. Now, after the imposed sanctions, it is already too late to do anything in large volumes with the participation of cryptocurrency, so that this does not go unnoticed by society.Individual citizens of Russia certainly can and will use the advantages that cryptocurrency gives them. However, not so much in order to circumvent the sanctions, but in order to circumvent the prohibitive measures of their state, which were introduced in order to stabilize their economy from the consequences of these sanctions. The ruble is in a fever and getting cheaper, so those who have the opportunity will transfer their capital to cryptocurrency.
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
https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from
Like many things when it comes to unexpected events, the damage is often far gone before the average person is able to react effectively and save themselves. For example the value of the Ruble has fallen and many businesses have no interest in Russian users any more because of the actions of Putin. That makes it much harder to cash out at a decent value compared to what peoples savings were worth before the war. It also makes it difficult to cash out any saved Bitcoins going back the other way, both because there are less choices in terms of exchanges and because any cash out will end up in Rubles for living expenses which could drop sharply again at any time. I guess this is the price you pay for having an erratic and unstable leader.
cryptocurrencies indeed cannot save people from some of the sanctions they receive from other countries, but at least they can make the Russian economy more stable in terms of the sanctions they are currently facing, so it is certain that Russia will continue to strive to maintain economic stability in its country. despite being faced with a storm that was quite extraordinary because they received sanctions from all directions
Still have China on their side. And remember, China is a giant economy. And so Russia will survive no matter what. If not, they will find other means to recover their economy. Now that we have different payment options, they will look for these payment methods which one would be best for them. A lot in the international market are putting sanctions on them, but they will survive. It would be a long road to recovery but they will surpass this crisis.
it is certain that Russia will continue to strive to maintain economic stability in its country. despite being faced with a storm that was quite extraordinary because they received sanctions from all directions
They got them because they attacked a sovereign country that never threatened them. Sanctions have become an adequate response to the actions they take. In my opinion, if they circumvent these sanctions with the help of cryptocurrencies, then the crypto community should impose sanctions in this area as well. For example, some exchanges have already banned deposits from russian cards. Until this society understands that sanctions are not bad actions against good and saving the whole world great russia, but harsh (not enough, far) answers to the terror they commit and finance, the world must continue to create such conditions for them in which they are now.
cryptocurrencies indeed cannot save people from some of the sanctions they receive from other countries, but at least they can make the Russian economy more stable in terms of the sanctions they are currently facing, so it is certain that Russia will continue to strive to maintain economic stability in its country. despite being faced with a storm that was quite extraordinary because they received sanctions from all directions
I do not know to what extent it will be that he does not help Russia with the sanctions, because eventually in Russia access to the internet or electricity has not been prohibited, I understand that Biden was in talks with the main exchanges worldwide, but I know that Binance will not please you, in addition to the fact that Binance is Chinese in nature, it will not go against its ally, which in this case is Russia, I think that the suffocation that Russia has is due to the high economic sanctions, this can make the economy fall to levels unimaginable, but on the other hand, if I see as a solution to do operations with crypto so that they bypass all prohibition, with such, for that it was also created.
Did you miss the part where tons of companies voluntarily decided to cut ties with Russia? Bitcoin won't help in situation like that. And it's not needed or practical for trading with China or India. They could use it as a reserve asset, but gold has proven itself to be better.
And also Russian economy is suffering from sanctions on the other level. The population has lost purchasing power. First, the national currency has fallen sharply against the dollar. Second, imports of many essential goods have stopped. And there is no domestic substitute, or it is of very poor quality. Accordingly, people have a demand, but neither the supply of the market nor the fiat currency, which has lost value, can satisfy it.
However, in this case, cryptocurrencies will not be a way out for the population either. After all, in order to pay with cryptocurrency, someone has to accept it. The implementation of this stage requires a lot of time and appropriate action by the government, which is not currently in dispute. Not to mention many Russians have no information about cryptocurrencies. And some do not have the Internet.
the only problem with the gold is that they can't place it on internationally liquid markets because of the sanctions. This means that they have only a few countries to which they can sell the gold, including China. And China will certainly not buy the gold at the current market price, because they know that Russia can only sell the gold to them in this quantity. Good for China, less so for Russia.
Or maybe they will do like money laundering type of deal. Like pay a HUGE amount for the gold, and get half of it back, making it a bit better for Russians to take their money out. Maybe not that much, because it would be too much of a difference but it could still be done.Basically, money laundering with gold instead of some car wash or something. This will allow rich Russians to get out, they can even "sell" gold that they do not have, and make it look like they did. Or maybe they will do your version as well, China could be trying to take advantage of the situation Russia is in, but they are their biggest ally, so if they do that, then it would be a bit harder to come back to a good friendship after the war is over and sanctions are lifted.
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