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.
Topic: Russia cut off from Swift is fantastic opportunity for bitcoin - page 3. (Read 1196 times)
Russia has been working on legalizing bitcoin for the last couple of weeks. They definitely knew what they were doing.
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)?
Another thing to keep in mind that most of the bitcoin which were minted back in 2010 and 2011 were by bitcoin miners located in Russia.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)?
They have these bitcoins which are called "untainted". So they are well equipped to move their bitcoins around without detection.
They are very tech savvy and even the US recognizes if they plan to have a cyber themed war with them, they would lose. This has not been hidden on any of the media outlets and have been confessed by cyber security experts to be true.
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.
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.
We all know that central banks can freeze fiat funds, yet it appears that even they are not immune from it in centralized systems.
U.S. escalates sanctions with a freeze on Russian central bank assets.
All possible ways are getting closed. Even the card transactions were closed. Now this doesn't allow Russians to convert their fiat to cryptocurrency. The scenario becomes worse. This leaves Russia unable to access the War Chest of more than $640 billion. As the banks were cut-off, the Russians were the sufferers to recover the economy against the sanctions. As a result the interest rates were raised to 20% which is the highest in two decades. The decision of Putin makes the life worse for the citizens who doesn't want a war on Ukraine.U.S. escalates sanctions with a freeze on Russian central bank assets.
Quote
The Treasury Department on Monday moved to further cut off Russia from the global economy, announcing that it would immobilize Russian central bank assets that are held in the United States and impose sanctions on the Russian Direct Investment Fund, a sovereign wealth fund that is run by a close ally of President Vladimir V. Putin.
this scenario was already planned because the president of russia was already showing signs of dictator and his people did not want to see the danger he was becoming, so he had a lot of space to consolidate his fanatical supporters and today the world is seeing the result , and it would definitely be nice if bitcoin weren't involved in this whole conflict because that would be frowned upon by governments and all we don't need is to see governments chasing bitcoin, that wouldn't be good.... nowadays people buy bitcoin with bank card without having problems and having bitcoin in the sights of governments because it was used by countries that are war makers would not be good
We all know that central banks can freeze fiat funds, yet it appears that even they are not immune from it in centralized systems.
U.S. escalates sanctions with a freeze on Russian central bank assets.
U.S. escalates sanctions with a freeze on Russian central bank assets.
Quote
The Treasury Department on Monday moved to further cut off Russia from the global economy, announcing that it would immobilize Russian central bank assets that are held in the United States and impose sanctions on the Russian Direct Investment Fund, a sovereign wealth fund that is run by a close ally of President Vladimir V. Putin.
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.
hero member
Activity: 2660
Merit: 651
Want top-notch marketing for your project, Hire me
I don't know if this information is correct but I hear from a friend that Russian is not only cut off from the Swift but they are also cut off from Visa, Mastercard, and Gpay.
Ukraine now receives massive token donations and airdrops tokens to donors.
After the lesson the pandemic has thought us, helping each other through the tough time is what the world needs not that a certain government will wage against another due to political ambition.Ukraine doesn't make me very happy, they seem to be in business.
I will be to know what you mean that Ukraine doesn't make you happy because people that were able to go there claim the country need every support they could get.
Ukraine now receives massive token donations and airdrops tokens to donors. Ukraine doesn't make me very happy, they seem to be in business.
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.
We all know that central banks can freeze fiat funds, yet it appears that even they are not immune from it in centralized systems.
U.S. escalates sanctions with a freeze on Russian central bank assets.
All possible ways are getting closed. Even the card transactions were closed. Now this doesn't allow Russians to convert their fiat to cryptocurrency. The scenario becomes worse. This leaves Russia unable to access the War Chest of more than $640 billion. As the banks were cut-off, the Russians were the sufferers to recover the economy against the sanctions. As a result the interest rates were raised to 20% which is the highest in two decades. The decision of Putin makes the life worse for the citizens who doesn't want a war on Ukraine. U.S. escalates sanctions with a freeze on Russian central bank assets.
Quote
The Treasury Department on Monday moved to further cut off Russia from the global economy, announcing that it would immobilize Russian central bank assets that are held in the United States and impose sanctions on the Russian Direct Investment Fund, a sovereign wealth fund that is run by a close ally of President Vladimir V. Putin.
We all know that central banks can freeze fiat funds, yet it appears that even they are not immune from it in centralized systems.
U.S. escalates sanctions with a freeze on Russian central bank assets.
U.S. escalates sanctions with a freeze on Russian central bank assets.
Quote
The Treasury Department on Monday moved to further cut off Russia from the global economy, announcing that it would immobilize Russian central bank assets that are held in the United States and impose sanctions on the Russian Direct Investment Fund, a sovereign wealth fund that is run by a close ally of President Vladimir V. Putin.
The sanctions are extended to cards:
https://www.cnbc.com/2022/03/01/visa-mastercard-block-russian-financial-institutions-after-sanctions.html
No more Visa nor Mastercard.
There are Russian cards but they don't work much outside of Russia.
So it's BTC or cash. Nothing else.
https://www.cnbc.com/2022/03/01/visa-mastercard-block-russian-financial-institutions-after-sanctions.html
No more Visa nor Mastercard.
There are Russian cards but they don't work much outside of Russia.
So it's BTC or cash. Nothing else.
February 27, 2022, 11:53:31 PM
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 .I see this as an absolutely fantastic opportunity for BTC.
If you can"t use banks, just use BTC and be happy.
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 .
February 27, 2022, 09:48:28 PM
We have yet to see the details of the plan, as I've read that the Swift ban will be limited. I guess it could be total for businesses, but transfers would remain allowed for individuals?
Anyway, the real problem for Russians would be sell their rubles. I would never exchange my BTC for Russian currency.
Anyway, the real problem for Russians would be sell their rubles. I would never exchange my BTC for Russian currency.
Maybe selected banks, because there are American Banks like Goldman, Stanley, Bank of America, JPMorgan among others that I don't think will be part of this sanction. With this sanction, some individuals will really find other options on how to move their funds to safety. And one thing that is a very good choice is via crypto. But it would need time for the individuals to be acquainted on how to deal with crypto. So it would take time before they can appreciate the benefits of crypto market. But it may possibly drive more adoption as people in that affected region are struggling to secure their assets.
February 27, 2022, 08:11:49 PM
We have yet to see the details of the plan, as I've read that the Swift ban will be limited. I guess it could be total for businesses, but transfers would remain allowed for individuals?
Anyway, the real problem for Russians would be sell their rubles. I would never exchange my BTC for Russian currency.
Anyway, the real problem for Russians would be sell their rubles. I would never exchange my BTC for Russian currency.
February 27, 2022, 05:44:39 PM
I looked like it was a great chance for Bitcoin before there were only thoughts to cut off from SWIFT. But as soon as it was really done, crypto price has dropped significantly. I can see that Bitcoin has lost more than a thousand in one hour. Honestly, this does not look like a "great chance to buy low", that looks like something dangerous, complicated, unknown. Could Russia be completely cut of the Internet? If yes, then there is no use for them to switch to Bitcoin payment.
And what is 1k USD? It also gained more than 1k on thursday - that's called volatility. We are also -50% from the top which is making people fearful, so don't expect the price to rally back to the ATH just like that. We are going to stay here for a moment until the war ends. People who are afraid of a world war won't be keen on investing. I see that as a mistake, but unfortunately the majority dictates where the market goes.
February 27, 2022, 05:43:49 PM
Bitcoin will not react directly to such news as we saw before with the pandemic when in the beginning in March 2020 it went as down as 3000 dollars for a Bitcoin but in the end of the year started a big rebound and in February 2021 was near 60.000 dollars,May 2021 near 65.000 dollars and in October 2021 near 68.000 dollars.Bitcoin will most probably not increase a lot as it is just one country with just 150 mln people as population which is Russia.Unfortunately for them Putin screw up big this time and their economy will be soon bankrupt and not even Bitcoin can recover it.
February 27, 2022, 04:46:48 PM
I looked like it was a great chance for Bitcoin before there were only thoughts to cut off from SWIFT. But as soon as it was really done, crypto price has dropped significantly. I can see that Bitcoin has lost more than a thousand in one hour. Honestly, this does not look like a "great chance to buy low", that looks like something dangerous, complicated, unknown. Could Russia be completely cut of the Internet? If yes, then there is no use for them to switch to Bitcoin payment.
February 27, 2022, 04:39:15 PM
Bitcoin is surely going to be their alternative if banking will be temporarily unavailable but is there only one global bank available in Russia? I thought there are several numbers of them and they can switch on the other banks if the current one that they use is not available anymore but oh well, bitcoin is better than banks anyway.
I believe that this is exactly what will happen. Since, according to what I can tell, not all Russian banks were cut off from the SWIFT system, it is likely that all transactions will take place through those banks that remain. There's a possibility of companies and private individuals turning to cryptocurrencies, but I doubt that will happen with the banking business.
February 27, 2022, 03:08:55 PM
For many years, we thought that the world financial system would change. With this war, in fact, a step has been taken for this. If swaps are not possible, people can start using bitcoin to send money. We can all see that this is an excellent opportunity.
Russia is a country with very large commercial activities. There will surely be something positive for bitcoin and it will contribute to the rise of the price. Now everyone will see how easy it is to send money with bitcoin
Russia is a country with very large commercial activities. There will surely be something positive for bitcoin and it will contribute to the rise of the price. Now everyone will see how easy it is to send money with bitcoin
February 27, 2022, 03:08:25 PM
Well, it seems it's happening. I understand BTC will be awkward for many people and businesses, but they just have no other choice.
It is? great but why is the price of bitcoin still in red? But I guess the effect is not immediate and can take some time. Bitcoin can be awkward but only to those that have not heard or used it before. Bitcoin is not new and I believe that lots of people already have an idea or have an experience on how it works.Bitcoin is surely going to be their alternative if banking will be temporarily unavailable but is there only one global bank available in Russia? I thought there are several numbers of them and they can switch on the other banks if the current one that they use is not available anymore but oh well, bitcoin is better than banks anyway.
Jump to: