Russia can experience little relaxation using bitcoin against the sanctions. Even if you have fiat, now it isn't an easy thing to convert fiat to cryptocurrency in Russia. In my understanding maybe the usage of bitcoin could help with some 2-4% of the economy. A complete economic stability out of bitcoin in a country like Russia isn't a possible fact. Now the latest sanction is done by Apple. No more apple products sold in Russia.
International sanctions are multilateral and relate to various aspects, including Russia's exports and imports, the ban on using the dollar, euro, pound, yen for settlements, and other severe restrictions in the financial sector. Therefore, cryptocurrency cannot serve as a salvation for the Russian economy. Russia with its ruble becomes an outcast for the world. In some cases, sanctions are even applied to Russia's trading partners, so the Putin regime will have a very hard time. You have to pay for your crimes, although ordinary citizens will feel the sanctions to a greater extent. But they cannot be called innocent of the aggression against Ukraine. The people of Russia are to blame for not stopping Putin for so many years. 
Topic: Cryptocurrency will not save Russia from sanctions - page 6. (Read 1152 times)
I'm curious how Chainalysis have concluded in the article that the ransomware revenue is highly affiliated with Russia. I just read this article and now understand how they concluded it.
https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-russia-ransomware-money-laundering/
Some of the wealthiest people have probably found a way to keep their value by buying crypto.
https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-russia-ransomware-money-laundering/
Some of the wealthiest people have probably found a way to keep their value by buying crypto.
I think it won’t help much. It can give some limits of protection like securing some of the fiat money over blockchain in the form of different currencies. However I see a major problem here, there is long que of the peeps to get couple of hundred rubble form the ATM.
All the media showing how Russia is already short of cash and banks can’t spare their money just like that in the middle of war.
So highly doubt they will allow any fiat to crypto transaction at this time.
All the media showing how Russia is already short of cash and banks can’t spare their money just like that in the middle of war.
So highly doubt they will allow any fiat to crypto transaction at this time.
Russia can experience little relaxation using bitcoin against the sanctions. Even if you have fiat, now it isn't an easy thing to convert fiat to cryptocurrency in Russia. In my understanding maybe the usage of bitcoin could help with some 2-4% of the economy. A complete economic stability out of bitcoin in a country like Russia isn't a possible fact. Now the latest sanction is done by Apple. No more apple products sold in Russia.
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?
In that aspect bitcoin cannot help Putin access the $600+billion in their foreign bank account. But, for the sake of some minor transaction I think bitcoin will be a helping hand to Russian citizens and not the Government since the huge sum of bitcoin transaction would be gazed on razor sharp by the USA.
Yes, of course, Bitcoin could still be a helping hand not just to the ordinary Russian citizens but also the government. But, like I said, it has its limits, especially now that all kinds of sanctions are already imposed. Things could have been a lot different had the government and its people acted prior to the invasion and the imposition of sanctions. But things like cross-border transactions which the sanctions on banks are heavily disrupting could still be remedied with the use of Bitcoin.
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?
Yes what you say is true, all of that could have happened if they had known that bitcoin could help the Russian economy at this time.
It is very sad what is happening right now in their country.
Hopefully all the regulations and sanctions will not happen so that they can still use their foreign banks.
It is indeed very sad, but I wouldn't hope that all the regulations and sanctions are lifted. Putin has to be brought to his senses.
^ They are all sanctioning countries related to Russia including Belarus this time.
The article is not totally hostile to cryptocurrency. Their so-called expert also said and I quote:
As a result of this situation, two countries publicly use cryptocurrencies such as Ukraine and Russia. That adds to the list although they have expressed it before which the global financial system is exposed to the new generation of wealthy kids that would also stand up against it one day.
Don't believe what mainstream media said about bitcoins because most of them are hostile against it and they are ready to publish some news regarding it if some countries will use it as an effective alternative to save their economy. That's the same media who said earlier that Belarus has now became the puppet of Russia, they just said it directly without a second thought and all of the comments are against them right now.
The article is not totally hostile to cryptocurrency. Their so-called expert also said and I quote:
Quote
Although the sanctions against Russia are designed to put pressure on Moscow, they may hasten the arrival of the new financial order the US has warned about, Ryan Selkis, founder of crypto research firm Messari, told Al Jazeera
As a result of this situation, two countries publicly use cryptocurrencies such as Ukraine and Russia. That adds to the list although they have expressed it before which the global financial system is exposed to the new generation of wealthy kids that would also stand up against it one day.
if china didnt ban bitcoin. then russia would have used the ruble-yuan-bitcoin-dolar route
but right now russia doesnt need to do that because they can just ruble-yuan-dolar
US/UK/EU have no issue with the chinese transfers. and for years russia has always had shell companies set up in china. so russia is still going to find ways to get dollar/euro/pound, via its chinese subsidiaries
that said russia is also less reliant on dollar, russia doesnt need dollar/euro/pound as much as it used to
in 2005 it had 98% reliance on the US payment systems for international trade, but in 2020 is was under 50% reliant. and with the invention of m-bridge and CBDC that number will get even lower, especially now the sanctions are in place.
and with things like CBDC and m-bridge which is also linking to Switzerland, Thailand. i feel that the US 'world bank' is going to lose its grip on world dominance.
the BIS (china's alternative to the IMF) is heading up CBDC and will save russia from sanctions from the west
i feel the next stage is if the US/UK/EU start sanctioning china. this can cause a storm the US/UK/EU is not ready for
but right now russia doesnt need to do that because they can just ruble-yuan-dolar
US/UK/EU have no issue with the chinese transfers. and for years russia has always had shell companies set up in china. so russia is still going to find ways to get dollar/euro/pound, via its chinese subsidiaries
that said russia is also less reliant on dollar, russia doesnt need dollar/euro/pound as much as it used to
in 2005 it had 98% reliance on the US payment systems for international trade, but in 2020 is was under 50% reliant. and with the invention of m-bridge and CBDC that number will get even lower, especially now the sanctions are in place.
and with things like CBDC and m-bridge which is also linking to Switzerland, Thailand. i feel that the US 'world bank' is going to lose its grip on world dominance.
the BIS (china's alternative to the IMF) is heading up CBDC and will save russia from sanctions from the west
i feel the next stage is if the US/UK/EU start sanctioning china. this can cause a storm the US/UK/EU is not ready for
If people say that Bitcoin can be used to "save" a certain something, most of the time people don't mean that it can literally replace it 100%, or that it literally doesn't have drawbacks. Bitcoin in it's current market state obviously can't be a permanent solution for most problems, yet.
Theoretically it could be possible through anonymous altcoins and crypto mixers. A powerful country, with elite skills in spying and infiltration can try moving funds making use of cryptocurrencies.
On the other hand, nothing can be 100% prevented to be discovered. If intelligence services from another countries monitor these funds and potential receivers/negotiators at countries where it's forbidden to deal with Russia, people involved on these negotiations will be severely penalized.
On the other hand, nothing can be 100% prevented to be discovered. If intelligence services from another countries monitor these funds and potential receivers/negotiators at countries where it's forbidden to deal with Russia, people involved on these negotiations will be severely penalized.
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?
In that aspect bitcoin cannot help Putin access the $600+billion in their foreign bank account. But, for the sake of some minor transaction I think bitcoin will be a helping hand to Russian citizens and not the Government since the huge sum of bitcoin transaction would be gazed on razor sharp by the USA.
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?
Don't believe what mainstream media said about bitcoins because most of them are hostile against it and they are ready to publish some news regarding it if some countries will use it as an effective alternative to save their economy. That's the same media who said earlier that Belarus has now became the puppet of Russia, they just said it directly without a second thought and all of the comments are against them right now.
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
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