Cryptocurrency will not save Russia from sanctions - page 3.

Mario Vella

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The volume of cryptocurrencies transactions is still small when compared to fiat, so if there is a country that 100% legalizes cryptocurrencies while the use of citizens is very small of course it will not have much impact, heavy sanctions for the Russian state of course will not have much impact because they have strong support from China and neighboring countries another russia.

But wouldn't legalization of cryptocurrencies drastically increase the volume?

Also, support from China might be rather questionable, it seems that China is still indecisive and remains rather neutral. I think they are yet to choose between the two parties. China probably did not such heavy sanctions inflicted on the Russian side.

Easteregg69

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Come on. You had greedy morons pushing Rubels for doge. Doge has your money now. A lot of it.

It's about what you appreciate.

Giggles!. Round 2. Don't put the baker out of business. See if Starlinks get handed out for free as a later trend. Or Panzer Fausts.

No more being afraid of Judo.

poldanmig

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Currently, Russia seems to be confined in its own country, it is difficult to move abroad, even the banks are closed with a heavy ban. therefore I think cryptocurrency will be a solution for that country, because there is no definite regulation from countries in the world. but i think putin has considered well what to do to deal with the larger number of NATO members

We are too worried about the state of the russian economy at the moment but they seem to be doing pretty well in the face of the existing sanctions, and there is not even a sign that russia is going to stop the war just because they have been locked up by nato sanctions at the moment, after all it looks like russia has an alternative in counter existing sanctions by lobbying countries that are anti-nato today to establish economic cooperation.

Olympiazz

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Cryptocurrencies are decentralized products and should not be involved in political battles. It would be really sad if bitcoin was reduced to a political tool. By the way, isn't it hegemonic to sanction a country for such behavior at the drop of a hat?

Etranger

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Quote from: hatshepsut93 on March 05, 2022, 03:40:46 PM

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.

tyz

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Quote from: Accardo on March 05, 2022, 04:09:33 PM

Quote from: hatshepsut93 on March 05, 2022, 03:40:46 PM

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.

Probably, I read somewhere that Russia still have 132 billions of Dollars worth of Gold in the Bank of Russia vault which can keep Ukraine on hold for a long period of time. And they can tap from countries like China that have refused to pass sanction on them. It's a difficult time for the world but what matters is for the war to come to an End.

Yes, 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.

KaliLinux

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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?

I do agree with your points here. If access to all or most of their funds have been blocked with all the sanctions imposed on them and the Country inclusive, how would they even buy the Bitcoins? I just saw it on CNN and read this on CoinDesk too that the US Senator Elizabeth Warren Drafting Bill to Ensure Crypto Can’t Be Used to Evade Sanctions I don't think there is any advantage that crypto can provide to the economy at this moment.

Argoo

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Quote from: DanWalker on March 08, 2022, 07:10:33 PM

Bitcoin can't help Russia in a situation where the whole world is turning its back and isolating them. BTC can somewhat help Russians choose a place to store their assets in wartime, but it is unlikely to help the Russian economy escape sanctions. Gold and foreign exchange are factors to save the economy, Russia is the second largest oil exporter in the world. This is the key factor that I will help Russia this time.

Now the US and Europe are considering the possibility of imposing an embargo on the supply of oil and gas by Russia. This may be the most damaging sanction to its economy. How can Bitcoin help to circumvent international sanctions in this situation? Indeed, in addition to the transaction itself, it is also necessary to deliver this oil and gas invisibly to the rest, and this is practically impossible. Each state or enterprise that concludes such a deal with Russia risks itself falling under sanctions. Therefore, in this case, the cryptocurrency will no longer save Russia. But citizens with cryptocurrencies can avoid the restrictions that the state sets with the outbreak of war.

DanWalker

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Bitcoin can't help Russia in a situation where the whole world is turning its back and isolating them. BTC can somewhat help Russians choose a place to store their assets in wartime, but it is unlikely to help the Russian economy escape sanctions. Gold and foreign exchange are factors to save the economy, Russia is the second largest oil exporter in the world. This is the key factor that I will help Russia this time.

livingfree

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Quote from: coinism on March 08, 2022, 04:46:12 AM

There is Roman quote that "if you want peace, prepare for war" and preparation for war is done in peace time not when war is started by your enemy. Ukarine has to admit that he did mistake of giving up his lethal weapons on assurance of USA and west that they will defend him. There is no practical support coming to Ukraine from his allies. While Russia conquering cities on daily basis and killing innocent civilians, the western allies are only putting sanctions on Russia.
With 55 miilion USD donations you can only buy 4 to 5 fighter jets nothing more then that. Ukarine alone cant fight with Russia, he need military support and that too urgently.

It's still playing from time to time that Ukraine's allies are going to support them. With the last news that I've read, it's about that their allies are going to send jets to flyover to them to protect them.

Now, another thing.

US won't be taking any oil from Russia anymore but, they're going to talk with Iran and Venezuela to import oil there. Well, these two has history with US, you know what it is folks.

btc_angela

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Quote from: Accardo on March 05, 2022, 04:09:33 PM

Quote from: hatshepsut93 on March 05, 2022, 03:40:46 PM

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.

Probably, I read somewhere that Russia still have 132 billions of Dollars worth of Gold in the Bank of Russia vault which can keep Ukraine on hold for a long period of time. And they can tap from countries like China that have refused to pass sanction on them. It's a difficult time for the world but what matters is for the war to come to an End.

It's going to be a battle of attrition between the Russians vs Ukraine and the West.

So at this time, and throughout history, gold is a better hedge in a war, you can pay countries with gold. Russia can go with China have a talk purchase raw materials for wars or for the country to survive with gold and then continue with the war. So I speculate that it might take some time before the war will end, sad to say.

coinism

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Quote from: Vaskiy on March 08, 2022, 02:24:45 AM

More countries have come out of Russia. On the other side Ukraine have received more than $55 million in bitcoin and other cryptocurrencies. In the received donation amount $15 million have been spend on buying military gears. So, this has been helping Ukraine in some means. The same doesn't assure of making Ukraine recover as before. It needs to grow gradually, with Russia just with bitcoin things won't get on-line. This might help tackle the situation and not the way to overcome all sanctions over Russia.

There is Roman quote that "if you want peace, prepare for war" and preparation for war is done in peace time not when war is started by your enemy. Ukarine has to admit that he did mistake of giving up his lethal weapons on assurance of USA and west that they will defend him. There is no practical support coming to Ukraine from his allies. While Russia conquering cities on daily basis and killing innocent civilians, the western allies are only putting sanctions on Russia.
With 55 miilion USD donations you can only buy 4 to 5 fighter jets nothing more then that. Ukarine alone cant fight with Russia, he need military support and that too urgently.

Vaskiy

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Quote from: hatshepsut93 on March 05, 2022, 03:40:46 PM

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.

More countries have come out of Russia. On the other side Ukraine have received more than $55 million in bitcoin and other cryptocurrencies. In the received donation amount $15 million have been spend on buying military gears. So, this has been helping Ukraine in some means. The same doesn't assure of making Ukraine recover as before. It needs to grow gradually, with Russia just with bitcoin things won't get on-line. This might help tackle the situation and not the way to overcome all sanctions over Russia.

milewilda

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Quote from: Accardo on March 05, 2022, 04:09:33 PM

Quote from: hatshepsut93 on March 05, 2022, 03:40:46 PM

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.

Probably, I read somewhere that Russia still have 132 billions of Dollars worth of Gold in the Bank of Russia vault which can keep Ukraine on hold for a long period of time. And they can tap from countries like China that have refused to pass sanction on them. It's a difficult time for the world but what matters is for the war to come to an End.

If they do have that kind of reserve amount or assets then this would still be a long invasion situation and we are all hoping for this war to end considering that there are lots of innocent lives been waste
of due to this situation.I wont be surprised if there would be some instances that Putin would be kicked out on being President, it is just they are really that afraid.
Sanctions is everywhere and i dont know on why people do consider out bitcoin as some sort of saviour.

Ozero

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Quote from: romero121 on March 04, 2022, 04:31:45 PM

Quote from: JayTrain on March 04, 2022, 02:40:57 PM

as far as I know, Russia has not yet adopted the necessary laws to allow cryptocurrency to move freely, but as a circumvention of sanctions, cryptocurrency could help, but judging by the news they do not have it in the first place and I think the cryptocurrency will be in limbo.

Days back to the war the bill for the legalizing of bitcoin was taken into the parliament discussion. Even though legality is positive, it can't make an immediate change in the market. If people have got time there is possible chances of massive adoption and people holding good volume of cryptocurrencies. Now people are willing to make an investment, but they weren't able to do it. Because, the entire banking system is shut and it is difficult to transfer fiat and receive bitcoin.

We are talking about whether the cryptocurrency will save the Russian Federation as a state from international sanctions. If we consider from this side, then we must say that no, it will not save. Including the citizens of Russia who fell under these sanctions. The fact is that not only transactions are tracked, but also the movement of goods. If Russia is prohibited from supplying certain types of goods, then all participants in such a transaction will become aware of their supply for any currency, including cryptocurrency, and they will also face sanctions. Therefore, now that there is not even an embargo on Russian energy resources, even China does not really want to buy oil and gas from Russia, so as not to damage its image. Putin's Russia is rapidly becoming a pariah. And this is just the beginning.
Recently there was information that the Russian propagandist Solovyov, who was under sanctions, had two villas confiscated in Italy. What difference does it make for what currency or cryptocurrency he bought them for. The sanctions are working.

Accardo

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Quote from: hatshepsut93 on March 05, 2022, 03:40:46 PM

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.

Probably, I read somewhere that Russia still have 132 billions of Dollars worth of Gold in the Bank of Russia vault which can keep Ukraine on hold for a long period of time. And they can tap from countries like China that have refused to pass sanction on them. It's a difficult time for the world but what matters is for the war to come to an End.

hatshepsut93

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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.

JayTrain

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in fact, restrictions are applied where this bitcoin will be cashed out, and if it is transferred between wallets, then I think nothing can be done here, because Satoshi took care of decentralization when he created bitcoin, I think politics has no place in cryptocurrency...but we don't see it that way today.

Ararbermas

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Quote from: tbct_mt2 on March 02, 2022, 03:42:33 AM

Now there is rumor (I am not sure it has been officially yet) that Putin orders local banks and agencies there don't allow Russians to go abroad with more than $10,000.

What the fucking regime! They can do anything they want on behalf of people.

i think that's not true, i mean a fake news because even Russian have $10,000 it still very impossible to go abroad since president biden already declared that all Russian aircraft are banned from American airspace (link. )

So they don't have any choice and surely most of them will suffer from the sanction, unless if they will rely with crypto so that at least they can relax a little bit from the problem that they're facing right now.

retreat

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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

in crypto there is no difference, this is what makes crypto the currency of freedom. Even though the war between Russia and Ukraine is raging, those from both countries (government or citizens) will continue to be free to carry out crypto transactions. Major exchanges have also stated that they will not freeze accounts originating from Russia, so I believe bitcoin is Russia's solution when economic pressure hits.

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