Topic: Russia cut off from Swift is fantastic opportunity for bitcoin (Read 1196 times)
Due to Russia’s cut off from swift has left russian with only bitcoin as an option for making international transactions. This has resulted in Russians buying bitcoin at $ 20,000 above the market price.
The crypto itself might be decentralized, but the exchanges and the connection between crypto and your bank account is centralized. Which means that if Russians wants to turn billions into crypto, they would have to use banks.
In their own nation, they could make it legal and supported, but then they would only have crypto, where could they cash that out to fiat again? Not in another nation, that would be hard because of the sanctions. All in all, it is not impossible to turn ruble into crypto into euro or dollars, there are ways you could do that but between being very expensive and also possibility of your fiat getting frozen, it is very risky.
In their own nation, they could make it legal and supported, but then they would only have crypto, where could they cash that out to fiat again? Not in another nation, that would be hard because of the sanctions. All in all, it is not impossible to turn ruble into crypto into euro or dollars, there are ways you could do that but between being very expensive and also possibility of your fiat getting frozen, it is very risky.
Not necessarily. It's still possible to turn crypto to Fiat in-person or through P2P exchanges. You don't need banks as long as there are ways to exchange crypto to Fiat in a decentralized manner. As you've said before, what governments can only do is restrict centralized exchanges and wallet providers from conducting business with Russia. But they cannot stop decentralized exchanges because of the way they are designed.
I believe Russia will rely on crypto from now on in order to keep its economy afloat. No one knows what's in Putin's mind right now, so the only thing we can do is speculate. Who knows what the future holds for Russia's economy? Just my opinion
I'm reading many articles explaining that Russia shall be cut off from the SWIFT global interbank payments system, as a sanction in response to its invasion of Ukraine. That means it would be impossible to make bank transfers between Russia and most other countries.
I see this as an absolutely fantastic opportunity for BTC.
If you can"t use banks, just use BTC and be happy.
bitcoin is a currency there is no manipulation, and also very decentralized...I see this as an absolutely fantastic opportunity for BTC.
If you can"t use banks, just use BTC and be happy.
without SWIFT then all Russian citizens who are accustomed to using banks for transfers or other activities internationally will be cut off, and with bitcoin, it is a way out to transfer internationally freely and safely. bitcoin only -> Russia's way out to stay in touch with the outside world, especially transactions.
In their own nation, they could make it legal and supported, but then they would only have crypto, where could they cash that out to fiat again? Not in another nation, that would be hard because of the sanctions. All in all, it is not impossible to turn ruble into crypto into euro or dollars, there are ways you could do that but between being very expensive and also possibility of your fiat getting frozen, it is very risky.
I'm reading many articles explaining that Russia shall be cut off from the SWIFT global interbank payments system, as a sanction in response to its invasion of Ukraine. That means it would be impossible to make bank transfers between Russia and most other countries.
I see this as an absolutely fantastic opportunity for BTC.
If you can"t use banks, just use BTC and be happy.
I see this as an absolutely fantastic opportunity for BTC.
If you can"t use banks, just use BTC and be happy.
Yes Sir, I hope bitcoin is good for current situation, but Why Putin don't push Russian people to save money in form Bitcoin?
if Putin is big believer FIAT Standard why they fight NATO? all of them is FIAT standard is it?
If Russia will embrace Bitcoin, it will do more harm to Bitcoin than good. The world is "cancelling" Russia right now, there are many cases where anything associated with Russia gets boycotted, even if it isn't directly tied to Russia's war. If Bitcoin will be viewed as Russia's payment system, you can bet it will eventually get restricted in the West.
Instead of thinking "something bad in the world is an opportunity for Bitcoin", try thinking about how it can also harm Bitcoin, because such things could easily happen.
Instead of thinking "something bad in the world is an opportunity for Bitcoin", try thinking about how it can also harm Bitcoin, because such things could easily happen.
nice answer , now I'm understood why bitcoin still bearish.
then how about if Tsar bomba drop ? how much price Bitcoin , dreaming buy bitcoin dip :kiding:
[moderator's note: consecutive posts merged]
I'm reading many articles explaining that Russia shall be cut off from the SWIFT global interbank payments system, as a sanction in response to its invasion of Ukraine. That means it would be impossible to make bank transfers between Russia and most other countries.
I see this as an absolutely fantastic opportunity for BTC.
If you can"t use banks, just use BTC and be happy.
bitcoin is a currency there is no manipulation, and also very decentralized...I see this as an absolutely fantastic opportunity for BTC.
If you can"t use banks, just use BTC and be happy.
without SWIFT then all Russian citizens who are accustomed to using banks for transfers or other activities internationally will be cut off, and with bitcoin, it is a way out to transfer internationally freely and safely. bitcoin only -> Russia's way out to stay in touch with the outside world, especially transactions.
If Russia will embrace Bitcoin, it will do more harm to Bitcoin than good. The world is "cancelling" Russia right now, there are many cases where anything associated with Russia gets boycotted, even if it isn't directly tied to Russia's war. If Bitcoin will be viewed as Russia's payment system, you can bet it will eventually get restricted in the West.
Instead of thinking "something bad in the world is an opportunity for Bitcoin", try thinking about how it can also harm Bitcoin, because such things could easily happen.
Instead of thinking "something bad in the world is an opportunity for Bitcoin", try thinking about how it can also harm Bitcoin, because such things could easily happen.
This Russian lunatic can make any decision but I don't think bitcoin will be legalized. They may have thought about the legalization of Bitcoin before the conflict with Ukraine, but after the conflict, Ukraine opened up the cryptocurrency in their country and asked people for help with Bitcoin. That means they are very positive about Bitcoin.
This insane Russian man is more likely to refrain from adopting Bitcoin in Russia just to oppose Ukraine and USA.
This insane Russian man is more likely to refrain from adopting Bitcoin in Russia just to oppose Ukraine and USA.
If Putin doesn't want to adopt Bitcoin in opposition of Ukraine and USA, it's probable he'll choose another cryptocurrency to keep Russia's economy afloat. Anything that would help Russia evade sanctions imposed by the West and the EU would be considered ideal for the country's self-sustainability. Either Putin adopts another cryptocurrency or he orders Russia's Central Bank to create a new Digital Ruble (a CBDC). I'm pretty sure China will help Russia economically in order to make it rise from the ground up. If Russia's economy is restored regardless of the sanctions, then the West (and the EU) would've ultimately failed. Who knows what the future holds for Russia and Ukraine? Just my thoughts
This Russian lunatic can make any decision but I don't think bitcoin will be legalized. They may have thought about the legalization of Bitcoin before the conflict with Ukraine, but after the conflict, Ukraine opened up the cryptocurrency in their country and asked people for help with Bitcoin. That means they are very positive about Bitcoin.
This insane Russian man is more likely to refrain from adopting Bitcoin in Russia just to oppose Ukraine and USA.
Now Russia is taking all measures to prevent capital flight from the country. The toughest international sanctions imposed have led to the fact that almost all foreign business with its investments has left Russia. In addition, a significant part of Russian citizens also began to export currency, given that the national ruble began to depreciate rapidly. Therefore, the government feverishly began to take measures to somehow strengthen its ruble. Citizens can no longer buy foreign currency, with the exception of the Chinese yuan.This insane Russian man is more likely to refrain from adopting Bitcoin in Russia just to oppose Ukraine and USA.
Under these conditions, Russia is unlikely to fully legalize cryptocurrency. This step would be contrary to the current anti-crisis tasks of the government.
This Russian lunatic can make any decision but I don't think bitcoin will be legalized. They may have thought about the legalization of Bitcoin before the conflict with Ukraine, but after the conflict, Ukraine opened up the cryptocurrency in their country and asked people for help with Bitcoin. That means they are very positive about Bitcoin.
This insane Russian man is more likely to refrain from adopting Bitcoin in Russia just to oppose Ukraine and USA.
^ In my own, they will not legalize BTC for sure because it becomes a conflict with their own currency. This insane Russian man is more likely to refrain from adopting Bitcoin in Russia just to oppose Ukraine and USA.
Probably it could be an alternative currency but they were not legalizing it since the Russian government already hated BTC a long time ago.
This is what I am hoping for that someday they will realize how BTC is very useful and even if can't regulate it at least during sanctions there is an alternative currency that remains neutral for both countries Ukraine and Russia.
This Russian lunatic can make any decision but I don't think bitcoin will be legalized. They may have thought about the legalization of Bitcoin before the conflict with Ukraine, but after the conflict, Ukraine opened up the cryptocurrency in their country and asked people for help with Bitcoin. That means they are very positive about Bitcoin.
This insane Russian man is more likely to refrain from adopting Bitcoin in Russia just to oppose Ukraine and USA.
This insane Russian man is more likely to refrain from adopting Bitcoin in Russia just to oppose Ukraine and USA.
Russia is the second largest country that uses SWIFT after the United States with access to exports and imports using SWIFT with a very high estimated transaction statistics, but the impact of the SWIFT cut-off also affects western countries and their allies due to oil and gas exports of energy commodities from Russia.
The imposition of sanctions and suspensions on Russia in various ways is unexpected due to the involvement of the European Union, but Russia has other ways of dealing with SWIFT problems using its competitors or alternatively using telex, email, and others. However, cryptocurrencies also have the opportunity to be used because access to international transactions to Russia has been frozen.
Now we will soon be able to see how effective international sanctions are against any aggressor country, since Russia, by attacking Ukraine, violated all international norms and obligations that could be violated. In fact, Putin has violated the system of collective security in the world, so very tough sanctions are applied against Russia.The imposition of sanctions and suspensions on Russia in various ways is unexpected due to the involvement of the European Union, but Russia has other ways of dealing with SWIFT problems using its competitors or alternatively using telex, email, and others. However, cryptocurrencies also have the opportunity to be used because access to international transactions to Russia has been frozen.
The current situation is a good test for a decentralized cryptocurrency as well, as this is a rare opportunity for a cryptocurrency to shine in the face of a limited opportunity for all other currencies. But I don’t think that in Russia they will be able to effectively circumvent the imposed sanctions even with the help of cryptocurrency. . We can already see what is beginning to happen there, and after all, only a few days have passed.
Reasons : Russian Gaz custmers will not be able to pay Russia if cryptos isn't regulated in their countries. ; Cryptos isn't widely used in Russia and the other part of the world so think how many users/institutions banned from swift will use cryptos as an alternative.
I think the sanctions have a significant mpact that can't be avoided by just holding payments in cryptos.
No doubt Russians have already turned to bitcoin as the sanctions bites harder. It's now left for the Russia federation to develop a system for their citizens to easily covert bitcoin to rubles and to establish a trade with their allies in digital currencies to help the ailing rubles. I feel for Russians because common men on the street suffer more from economic sanctions.
The Russian government will never legalize bitcoin in Russia. Bitcoin will be used exclusively in illegal (grey) schemes.
At present, the situation is developing in the most tragic way. Russia has no chance to create the USSR - 2.0. I think that ahead of Russia is a socio-economic crisis, and then a political crisis. This crisis will lead to civil war in Russia.
This is a huge tragedy.
Everything that is happening now is a huge tragedy with far-reaching consequences. The disconnection of the Russian financial system from the Swift payment system is just one link in a huge chain of misfortunes currently taking place in the world...
Bitcoin will of course be used in cross-border payments.
Satoshi Nakamoto created Bitcoin just for such crisis situations.
No doubt Russians have already turned to bitcoin as the sanctions bites harder. It's now left for the Russia federation to develop a system for their citizens to easily covert bitcoin to rubles and to establish a trade with their allies in digital currencies to help the ailing rubles. I feel for Russians because common men on the street suffer more from economic sanctions.
I hope I'm wrong, but this may bring a sad ending, as president Biden is asking for more regulations on cryptos as they may be a way to evade sanctions:
https://www.bloomberg.com/news/articles/2022-03-07/biden-to-sign-crypto-order-as-industry-faces-sanctions-pressure
The U.S controls the dollar but they can't control crypto and if regulations might be possible I think that will only be imposed on centralized platforms. I know there are only few us-based cex platforms, so Russia is still free from using bitcoin. We also have decentralized platforms / p2p, where they can freely transact without worry that they may get block or something. Sorry but you are truly wrong with your expectation, this does not bring an ending to the Russian users.https://www.bloomberg.com/news/articles/2022-03-07/biden-to-sign-crypto-order-as-industry-faces-sanctions-pressure
If you can"t use banks, just use BTC and be happy.
In most countries where there are no restrictions or sanctions, they can be able to use a bank but they are not happy with it. What they are using instead is cryptocurrency and bitcoin. I hope I'm wrong, but this may bring a sad ending, as president Biden is asking for more regulations on cryptos as they may be a way to evade sanctions:
https://www.bloomberg.com/news/articles/2022-03-07/biden-to-sign-crypto-order-as-industry-faces-sanctions-pressure
https://www.bloomberg.com/news/articles/2022-03-07/biden-to-sign-crypto-order-as-industry-faces-sanctions-pressure
This was inevitable. After the US and its allies sanctioned Russia, it was expected they would further regulate cryptocurrencies in order to avoid Russia from using them as a means to finance their operations. With the President Biden's new executive order, I'm afraid we'll see heavy-handed regulations from the US in the long run. This would mean decreased adoption of Bitcoin and other cryptocurrencies in the country.
Russia may have been cut off from SWIFT, but it still has China's support. With crypto, Russia can circumvent sanctions due to its decentralized and censorship-resistant design. Governments may only be able to enforce regulations across centralized exchanges and wallet providers but they won't have much success with decentralized counterparts. We'll see how everything will play out in the long run as the global economy changes in many drastic ways. Just my thoughts
I hope I'm wrong, but this may bring a sad ending, as president Biden is asking for more regulations on cryptos as they may be a way to evade sanctions:
https://www.bloomberg.com/news/articles/2022-03-07/biden-to-sign-crypto-order-as-industry-faces-sanctions-pressure
if this will indeed to take place then yes we must be sad as the effect will surely be taken seriously of the market, we knew how US government can act on this matter and if they will promote this truly ? i may stop collaborating for a while but will still keep my holdings on this matter.https://www.bloomberg.com/news/articles/2022-03-07/biden-to-sign-crypto-order-as-industry-faces-sanctions-pressure
Hoping that the war will end soon and the sanctioning will also end after.
The current situation is a good test for a decentralized cryptocurrency as well, as this is a rare opportunity for a cryptocurrency to shine in the face of a limited opportunity for all other currencies. But I don’t think that in Russia they will be able to effectively circumvent the imposed sanctions even with the help of cryptocurrency. . We can already see what is beginning to happen there, and after all, only a few days have passed.
I hope I'm wrong, but this may bring a sad ending, as president Biden is asking for more regulations on cryptos as they may be a way to evade sanctions:
https://www.bloomberg.com/news/articles/2022-03-07/biden-to-sign-crypto-order-as-industry-faces-sanctions-pressure
https://www.bloomberg.com/news/articles/2022-03-07/biden-to-sign-crypto-order-as-industry-faces-sanctions-pressure
Russia is the second largest country that uses SWIFT after the United States with access to exports and imports using SWIFT with a very high estimated transaction statistics, but the impact of the SWIFT cut-off also affects western countries and their allies due to oil and gas exports of energy commodities from Russia.
The imposition of sanctions and suspensions on Russia in various ways is unexpected due to the involvement of the European Union, but Russia has other ways of dealing with SWIFT problems using its competitors or alternatively using telex, email, and others. However, cryptocurrencies also have the opportunity to be used because access to international transactions to Russia has been frozen.
Now we will soon be able to see how effective international sanctions are against any aggressor country, since Russia, by attacking Ukraine, violated all international norms and obligations that could be violated. In fact, Putin has violated the system of collective security in the world, so very tough sanctions are applied against Russia.The imposition of sanctions and suspensions on Russia in various ways is unexpected due to the involvement of the European Union, but Russia has other ways of dealing with SWIFT problems using its competitors or alternatively using telex, email, and others. However, cryptocurrencies also have the opportunity to be used because access to international transactions to Russia has been frozen.
The current situation is a good test for a decentralized cryptocurrency as well, as this is a rare opportunity for a cryptocurrency to shine in the face of a limited opportunity for all other currencies. But I don’t think that in Russia they will be able to effectively circumvent the imposed sanctions even with the help of cryptocurrency. . We can already see what is beginning to happen there, and after all, only a few days have passed.
Russia do have some alternatives to SWIFT I guess, but you have a point, it just shows how centralized institutions can even kick off banks when they want so better use a decentralised system in which one can always transfer and receive funds without the need of anyone's permission. The positives of crypto is shining really bright for all to see 
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