Russia cut off from Swift is fantastic opportunity for bitcoin - page 2.

Abiky

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Quote from: Gyfts on March 05, 2022, 03:56:10 AM

Bitcoin isn't viable right now in Russia, but the point of this post is that it accelerates the adoption of crypto because they remain immune from sanctions. USD is currently the dominant currency on the global market, but the Russians (and Chinese, for that matter) understand it takes almost nothing for the U.S. to freeze assets indefinitely, locking them out of billions without any form of recourse. Sure, the exchanges will be difficult for now, but 10 years down the line you could see massive adoption.

Exactly. The SWIFT ban will force Russian people to join the Bitcoin bandwagon in order to protect their purchasing power as much as possible. That, and the fact that the Russian government is starting to look for alternative ways to become self-sustainable should make Bitcoin and other cryptocurrencies rise in mainstream adoption like never before. We ain't seen nothing yet, as the best is yet to come.

Undeniably, mainstream governments will try to pressure centralized exchanges to exclude Russian customers from getting access to Bitcoin. But they will ultimately fail as Bitcoin's decentralized and open source nature allows you to acquire it regardless of mainstream regulations. Decentralized exchanges will surely take off if countries begin to ban centralized exchanges for good. Bitcoin may still be far from its latest ATH, but it will get there soon as the global economy sinks deeper. Who knows if Fiat collapses for good, paving the way for full "hyperbitcoinization"? Just my thoughts Grin

countryfree

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I've learned that Paypal also has stopped its services in Russia. I believe it's voluntary, Paypal isn't related to Swift, but it just add to the pressure against Russia.

Nowadays, there's just no choice. It's BTC or nothing for a Russian who wants to trade with a foreigner.

decodx

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Quote from: usekevin on March 05, 2022, 04:15:47 PM

Quote from: countryfree on February 24, 2022, 09:52:37 AM

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 had read this news too.It mean, the international transaction to Russia was banned. So no swift payments was made to Russia.It affect the economic situation in Russia. Russian properties in United States is going block by the United States President. This was official statement made by the president. So this gonna huge impact into the Russian Economy. The new way of stopping the war is reducing their economy with reducing of Economy.

Yes, Russia's invasion of Ukraine is indeed horrific, and any sanction that could help to end this madness is welcome. However, regarding SWIFT, did you know that the banking system did exist even before SWIFT was introduced? Yes, SWIFT is important to international economic activity, but, in reality, limiting SWIFT access to several Russian banks is less effective than most media coverage gives it credit for.

usekevin

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Quote from: countryfree on February 24, 2022, 09:52:37 AM

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 had read this news too.It mean, the international transaction to Russia was banned. So no swift payments was made to Russia.It affect the economic situation in Russia. Russian properties in United States is going block by the United States President. This was official statement made by the president. So this gonna huge impact into the Russian Economy. The new way of stopping the war is reducing their economy with reducing of Economy.

Pesona1

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Quote from: ?? on ??

Quote from: Chato1977 on February 27, 2022, 11:53:31 PM

Quote from: countryfree on February 24, 2022, 09:52:37 AM

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.

It may but it may not , because while the war is in process i don't think there will be an effect towards this situation .

yes Bitcoin is in good position in this but how long would this take before being in crypto market? like now that the prices keeps in dumping or staying neutral while many are still in afraid of losing their funds .

It’s natural to be afraid of losing your funds because the market has been dipping constantly. But this whole game is a game of patience and even if you are afraid you should not at least sell. I have decided to wait till the situation is back to normal.

Some time ago bitcoin experienced a strong rally after many investors and the Russian public shifted the ruble to bitcoin, but the last two days Bitcoin actually experienced another decline after Federal Reserve (The Fed) Chairman Jerome Powell said he would raise interest rates in the near future, these statements seem to make the market weaken again and the effect of bitcoin falling to reach the price of $ 39K, and I think a decline like now is the right momentum for us to buy and it seems we don't need to doubt the with fundamentals bitcoin has, because withstrong fundamentals of course it won't take long for bitcoin to rise again.

JayTrain

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there are a lot of disputes on this score that the alternative to SWIFT in the Russian Federation is bitcoin, but I think they will not come to this anyway, most likely they will create an analogue of SWIFT in their country and that will be the end of it, perhaps they will find some kind of golden mean with cryptocurrency together.

Maestro75

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Quote from: OmegaStarScream on February 24, 2022, 09:57:09 AM

Sure, bitcoin cannot be banned but let's say the U.S and the EU decide to ban bitcoin just because Russia is using it to avoid their sanctions (or at least use that as an excuse), what do you think would happen then (if we're talking about the price)?

You just created a situation that can be possible when we look into the way Putin and NATO are going about this war with their ego on display. If the EU and America decide to go against bitcoin as a way of getting back to Russia, that will a big blow to bitcoin community and adoption. No one wants to see that happen. It will wipe off years of gains from the whole bitcoin struggle. I do not wish that happening.

erep

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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.

TOM B

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I hope that Bitcoin will seize this opportunity, strengthen the consensus of decentralization and anti-power, and lay the golden age of encryption.

Gyfts

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Quote from: countryfree on March 01, 2022, 06:35:22 PM

The biggest problem for Russians right now, is that if BTC remains possible, very few people are willing to exchange BTC for rubles. The Russian currency was already extremely difficult to exchange in most countries, it will be far worse now.

Bitcoin isn't viable right now in Russia, but the point of this post is that it accelerates the adoption of crypto because they remain immune from sanctions. USD is currently the dominant currency on the global market, but the Russians (and Chinese, for that matter) understand it takes almost nothing for the U.S. to freeze assets indefinitely, locking them out of billions without any form of recourse. Sure, the exchanges will be difficult for now, but 10 years down the line you could see massive adoption.

Mpamaegbu

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Quote from: virtualdn on February 24, 2022, 09:59:11 AM

I will never see war as a great opportunity, even for Bitcoin. War is the last thing we all need, let's pray for peace and the rest will follow. War never solved anything in this world and will never will.

Remember a popular saying that those who make peace impossible make war inevitable? That's always the case with war. I ain't sure most people would want a war situation but then circumstances of disaffection and dissatisfaction are mostly what trigger wars. We've seen that play out in Russia. I, for one, don't like wars. Not because people get killed in it (people of course will always die, whether war or not), but because of the hardship women and children get to go through. The two major actors (the waring presidents) in this ongoing war don't seem to be concerned about that.

Ozero

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Quote from: bluebit25 on March 02, 2022, 07:58:31 AM

Among the unprecedented series of sanctions imposed by the EU on Russia during a special military operation in Ukraine, the removal of Russian banks from the highly secure international payment system SWIFT seems to bring The consequences are even greater for not only the Russian economy.
But IMO, the opportunity of BTC is only one of the solutions that I think Russia can use. When this problem was studied years ago, they had their own payment system. And China's CIPS payment system could also be an alternative.

The phrase "special military operation in Ukraine" was coined by Putin and his entourage to hide a full-scale military invasion of Ukraine and the actual unleashing of a war against another state in the center of Europe. A 120,000-strong Russian army and the latest military equipment were introduced into the territory of Ukraine with the task of seizing its territory together with Kiev within three days, changing the political leadership there and subordinating the population of Ukraine to the Russian Federation. This has always been called declaring war on another state and seizing its territory. But the outbreak of war was hidden even from their own people.
The fact that Russia unleashed a full-scale war is also evidenced by its losses in the first eight days of the war, namely:
- 9166 people killed,
- 251 destroyed tanks,
- 939 armored vehicles,
- 33 aircraft,
- 37 attack helicopters,
- 105 artillery systems,
- 18 air defense systems,
- 367 cars and other equipment.
After the toughest international sanctions imposed on Russia, no cryptocurrency will save it. After all, sanctions affect the entire spectrum of the economy.

countryfree

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Your country may be your worst enemy

Regarding Binance and other exchanges, actually, they're just following the law. Russian customers will no longer be able buy cryptos via a bank transfer from Russia, nor a credit card from a Russian bank. The Swift cut-off is about banks, not cryptos...

Marvelman

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Quote from: noormcs5 on March 02, 2022, 05:10:49 AM

I heard that they also demanded from centralized exchanges to stop and freeze the trading accounts on crypto exchanges for russians citizens. However binance, Coinbase and few other exchanges refused to do so.
This shows that only decentralized wallets are safest to store crypto and Russians seems to buy crypto in large quantities for last few days.

I've seen news that Binance, Coinbase and Kraken refuse to freeze Russian crypto accounts. However, it doesn't appear that these companies received an official demand to freeze such accounts from their competent authorities, but rather a request/appeal from the Ukrainian government. Of course, such an action is voluntary, so it is possible that these companies will follow the same path if stronger sanctions are imposed against Russia.

Every crypto holder from Russia would be wise to withdraw his funds from centralised exchanges and transfer them to more secure and private alternatives, so that if the situation escalates, they can still retain control over their funds.

Celinena

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Quote from: ROSERTY on March 02, 2022, 04:43:35 AM

Ukraine now receives massive token donations and airdrops tokens to donors. Ukraine doesn't make me very happy, they seem to be in business.

I think the "seems" can be removed, and the tokens will not be issued, which makes it hard for me to believe that the president of a country is doing something.

Harriett

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Quote from: countryfree on March 01, 2022, 06:35:22 PM

The biggest problem for Russians right now, is that if BTC remains possible, very few people are willing to exchange BTC for rubles. The Russian currency was already extremely difficult to exchange in most countries, it will be far worse now.

Yes, if it continues like this, will Russia be disintegrated economically and cut off Swift. There will be many people who will oppose Putin's continued fighting. Will Russia, the great nation, lose in this seemingly complete power? In a war of mismatches?

awik p

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Quote from: Duzter on March 02, 2022, 10:06:58 PM

Already Russia is cut-off from the swift. Added to that more seven banks which are commonly used by the people. The list includes VTB Bank, alongside Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank and VEB. This will even worsen the financial situation of the common people. Already people are queuing on the ATMs to withdraw money. The authorities need to realise all the invasion impacts were making common people suffer and not the president or the ministers.

In war situations, the people who suffer the most are the people, so it's not surprising that if the swift is revoked, more and more people will take their money and make it fiat, many think that later everything will be difficult, so they must have money to continue their lives until the situation is conducive. there is indeed a discourse from putin to use bitcoin, but we will wait for its development, if it is true, then the real function of bitcoin is increasingly proven

Duzter

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Already Russia is cut-off from the swift. Added to that more seven banks which are commonly used by the people. The list includes VTB Bank, alongside Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank and VEB. This will even worsen the financial situation of the common people. Already people are queuing on the ATMs to withdraw money. The authorities need to realise all the invasion impacts were making common people suffer and not the president or the ministers.

countryfree

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I hadn't seen this:

Quote

I'm asking all major crypto exchanges to block addresses of Russian users.

It's crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.

It's from the Vice Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine.
Source:

https://twitter.com/FedorovMykhailo/status/1497922588491792386

Of course, the Ukrainians don't want that. Somehow, I understand them, but what they're asking is impossible.

rdbase

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Quote from: countryfree on March 02, 2022, 10:56:16 AM

News:

Experts reject concerns Russia will use crypto to bypass sanctions: ‘Totally unfounded’

Actually, I never thought of the state. Germany buys natural gas from Russia, and Germany certainly won't use BTC to pay Russia. I meant BTC is a huge opportunity to bypass sanction for Russian individuals. Big business is another matter.

I am pretty certain Russia has their own exchanges so to process these payments for their bitcoin.
They afterall have been using bitcoin since the very start of it's inception.

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