Russia cut off from Swift is fantastic opportunity for bitcoin - page 4.

Polkeins

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Quote from: yazher on February 27, 2022, 07:02:49 AM

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.

looks like they have been ready for those kinds of hostility by their enemies and they were experiencing with bitcoins lately, I think we will finally see some kind of green light for bitcoins here since there will have no choice but to adopt it and the holders will rejoice if that will gonna happen in this year. A bad move for its enemies since Russia has their own alternatives or Plan B when something like this happened, no matter how hard they impose sanctions against them, it won't really matter.

Yes, no one was ready for such a turn of events. It's a lie. Simple people are not ready for new sanctions, many had meals after Sanctions of 2014, and now there will be new even more terrible and what no one knows.
Apparently the hope was what will be as in 2014, that sanctions will be limited and will not harm and now apparently woke up and understood how seriously everything.
Bitcoin will not help here with sanctions.

countryfree

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Well, it seems it's happening. I understand BTC will be awkward for many people and businesses, but they just have no other choice.

Hamaber

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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.

Now everyone will learn that bitcoin is a perfect currency used in any condition. Not only Russians will need it but Ukrainians are also now relying on bitcoin. Many of them are buying bitcoin to use for their international transactions because of limited e banking transactions.

jostorres

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Quote from: DapanasFruit on February 25, 2022, 11:07:20 PM

While I agree that this can be a good opportunity for Bitcoin to shine, I guess we also have to see the other side of the coin. Once Bitcoin can be fully utilized by Russia to circumvent the economic embargo and the ban on the use of SWIFT, I am sure that big countries can be looking at Bitcoin not in a good way. Of course, no government can be banning Bitcoin but we know that in reality powerful governments can make it so difficult to deal with Bitcoin if they would be using their state initiative to do something about it. We have seen it in Canada recently where Trudeau and his minions did not look kindly at cryptocurrency because on their eyes it became the tool of their perceived enemies. Anyway, I am hoping for the best so let's see what can be under this circumstances.

Yes, I am just hoping that we don’t know come to that though. The world would really be looking for a way to cut Russia off from everything, and if Bitcoin seems like it is getting in the way of them being able to do that, they might decide to do everything possible to tighten every space so that there wouldn’t be a chance for Russia to circumvent the ban on the use of SWIFT.

It doesn’t seem quite good to me that Russia has decided to embrace bitcoin at a time like this, makes it seem like they are aware of what would follow after the action they were going to take, so they decide that it would be best for them to start accepting Bitcoin. Anyways let’s keep hoping for the better, and that things don’t get so bad.

Kakmakr

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Well, now you can see why some governments are so opposed to Bitcoin and Crypto currencies. These governments have certain tools like "Swift" to use in situations like this, to force other governments and even smaller groups and individuals to adhere to their agenda.

This is also why governments use tax payers money to bail out Banks ....when they f@ck up. (like they did several times back in 2008...) So that they can have leverage over these centralized financial systems. Roll Eyes

Ararbermas

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

I see this as an absolutely fantastic opportunity for BTC.
If you can"t use banks, just use BTC and be happy.

Definitely it would be a fantastic opportunity for bitcoin soon.
And no doubts that people from that country will gonna choose bitcoin instead of storing money from banks again, because obviously bitcoin has freedom and most russian people didn't see it on their government.

To be honest IMO it seems already planned reason before the war started they legalize bitcoin first.

yazher

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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.

looks like they have been ready for those kinds of hostility by their enemies and they were experiencing with bitcoins lately, I think we will finally see some kind of green light for bitcoins here since there will have no choice but to adopt it and the holders will rejoice if that will gonna happen in this year. A bad move for its enemies since Russia has their own alternatives or Plan B when something like this happened, no matter how hard they impose sanctions against them, it won't really matter.

blockman

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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.

They're really into bitcoin as the last weeks news about them is that they're trying to legalize it. I guess they have to expedite any proposal regarding bitcoin that shall be adopted by their country since swift is no longer with them. I am uncertain with how I should feel with this news since we're into bitcoin but we don't want the war to proceed and just have it halt completely. We're happy because it's an opportunity for bitcoin but the casualties of the war that they've started is saddening and isn't right.

HRIDOY4847

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They are thinking about Bitcoin during the war in Russia and Ukraine. They are working hard to make Bitcoin the talk of their country. Russia has been working to make Bitcoin sound for the past few weeks. They have become accustomed to the fact that cryptocurrency means everything. So now they can talk about my country working with bitcoin.
Russia's largest investment corporations have made it clear that they will stay ahead as long as they legalize Bitcoin. But it is clear that the cryptocurrency will make the world more reliable. Why would they lag behind there. That's why they're working on it.

Of course, Bitcoin cannot be banned in any way.

But the United States and the EU have decided to ban bitcoin, in contrast to where Russia is working on legitimacy. Because, Russia is using it to evade sanctions. Because if Russia can avoid their sanctions then the price will skyrocket.

Do you think that the way they are working on it, they will be able to complete the work by overcoming all the obstacles?

cheezcarls

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In my opinion, I honestly think that Putin knows what’s coming for him after declaring war on Ukraine and I think he is prepared for such sanctions like banning SWIFT. I’ve also seen the news via Google search that BTC rebounded after Biden announced sanctions on Russia.

And since BTC cannot be banned in any way (not even China can stop it despite their severe consequences after making BTC illegal), there’s no stopping Russia from raising funds to evade sanctions, which may result for Bitcoin to skyrocket later on. I think this is one of the reasons why sanctions don’t work for Putin.

dezoel

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War shouldn’t be a way for Bitcoin to thrive, I would support in every other way but not in this one. Because, Russia adopting Bitcoin at this point might be bad for Bitcoin as regulators might be forced to go heavy this time on Bitcoin if they should notice that Russia has resorted to making use of Bitcoin to by passe very restrictions to other countries. This can make political bodies around the world to start shutting down cryptocurrency exchanges.

So it’s not good, Russia adopting Bitcoin at this time is not what we need, we do need them, we are good enough. Seems like you haven’t been reading the news, a lot of Russians elites, and every company or organization linked to Russia are being banned or shut down. So, we don’t need Russia please. Thanks.

pakhitheboss

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Things have escalated to the top most level now. This situation cannot be a fantastic opportunity for Bitcoin as most countries do not recognise Bitcoin as a legal tender. This war may get converted into a nuclear war after those saction. More than 70 percent of Russian foreign reserves now cannot be used by them. The Russian President in the month of January had stated to the US president that tough sanction again Russia would be treated as an act of war.

Here is the link to the article - https://www.skynews.com.au/world-news/united-states/putin-tells-biden-imposing-sanctions-will-be-seen-as-an-act-of-war/video/201c5d652d0575ebde26181c509fd641

bitbollo

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everything seems to be true .... announcement a few minutes ago at the press conference...

https://www.dailymail.co.uk/news/article-10555731/EU-Commission-president-Ursula-von-der-Leyen-commits-cutting-Russian-banks-Swift.html

Von der Leyen announced that the European Union (within UK and USA) are in agreement with the removal of some Russian banks from the SWIFT system.

Quote

West agrees to cut Russian banks from Swift payments system: UK, EU, the US and allies take financial nuclear option as they tighten sanctions against Moscow to 'further isolate Russia' and 'cripple Putin's war machine'

EdenHazard

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Quote from: Anonylz on February 26, 2022, 02:36:27 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.

Perhaps now they will appreciate the true meaning of decentralization, maybe this war is a blessing in disguise for the crypto community and most especially for btc mainstream recognition. By the time they find it hard to transact with the bank and realize how btc has come to their aid, I am sure they will see btc from a different and more clear perspective.

Well well well , it's a bit sad but a very fresh news one. So instead calling bitcoin price get dropped as there is an uncertainity behind the russia-ukraine war ... should we call it as a bullish one this time?
We knew that the latest drop was organic correction .. and with the current circumstances .. we can really expect bitcoin usage rose for russian doing their international transactions.

Now it feels like crypto win , crypto are the true global money that unite us!

famososMuertos

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Perhaps it is not the best way to prevail, but at some point something similar will happen with bitcoin, there will be no better option because there will always be other ways to make payments between governments, it currently happens countries that pay their peers with oil, gold, in end, but the point is that in this situation the swift network will not be activated 100% against russia and in any case its effect is not immediate, it may take weeks.

Leviathan.007

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I think Russia is expecting to see such thing happening and that's not surprising for them at least not after starting the war, They were working on legalizing for weeks and In my idea, they are counting on bitcoin to bypass the possible economic sanctions keep doing their own business internationally with their other friends, also that's not only for their government because after the sanctions there will be some problems for Russian people to use the online shops and some payment systems while they can bypass by it using bitcoin.

Anonylz

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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.

Perhaps now they will appreciate the true meaning of decentralization, maybe this war is a blessing in disguise for the crypto community and most especially for btc mainstream recognition. By the time they find it hard to transact with the bank and realize how btc has come to their aid, I am sure they will see btc from a different and more clear perspective.

countryfree

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Quote from: franky1 on February 25, 2022, 08:59:38 PM

.. much like how countryfree specifically tried to pick st petersburg, rather than moscow for comparison, to make it seem like everything in russia is like st petersburg

Never seen Fox news in my life, but I've been to St Petersburg, while I've never been to Moscow, but I had a Russian wife who told me that St Petersburg is a much more beautiful city than Moscow.

Back to the subject, I have news, I've received an email from my bank in Lithuania:

Quote

... Transactions to Russian and Belarusian banks will not be executed if the recipient of funds is a business account (transactions between private individuals will not be restricted but will get checked more thoroughly and supporting documents might be needed)...

The Russians will start to feel the heat...

KaliLinux

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Quote from: BlackHatCoiner on February 24, 2022, 03:21:24 PM

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

Russia has been working on legalizing bitcoin for the last couple of weeks.

Which still seems weird to me. Why would a nation, whose regime isn't known for seeking freedom, want to formalize Bitcoin... A currency known for decentralizing the economy. They have full control over their citizens via the banking system, I wonder what are their plans.

I'll hold my breath for this.

This invasion of Ukrain was not a plan from yesterday so it makes sense when the Russia Government didn't go full scale on banning Bitcoin and was looking at how to regulate its mining and maybe possible adoption because they know all these sanctions will follow the action they are about to take which we are seeing now and Bitcoin is an alternative.

oHnK

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Quote from: NotATether on February 26, 2022, 08:46:47 AM

This does not even take into account that cutting Russia off of SWIFT doesn't even prevent Russian banks from servicing transactions to/from local merchants, so it is useless as a crippling tactic. Ironically, it would make it harder for Russians to buy and sell crypto with cards and wire transfers.

I had read this threat long before this invasion was actually carried out. Basically, Putin has already taken a big step in this war. Of course, the risks and impacts are definitely considered by him. Regarding Russia's termination in Swift, it is not a crucial issue that can directly cripple their economy. Putin has also frequently conducted bilateral communications regarding the mitigation of solutions to the world's dependence on SWIFT. In fact, the invasion of Ukraine by Russia was indeed the act of playing against the US side itself. Russia will not interfere as long as it is not disturbed, the Ukrainian government is too leaning towards NATO just because there is business of Joe Biden's son in their country. This is the impact, all only people who suffer.

Topic: Russia cut off from Swift is fantastic opportunity for bitcoin - page 4. (Read 1196 times)