Topic: Russia cut off from Swift is fantastic opportunity for bitcoin - page 6. (Read 1196 times)

So it seems that the US wants to kick Russia out of the Swift system, but that the EU doesn't want it. Maybe they'll change their minds in a few days when the situations gets worse. Meanwhile, the sanctions already agreed have an effect:

https://www.reuters.com/business/russian-cenbank-says-cards-banks-under-sanctions-wont-work-abroad-2022-02-25/

Russian people can't use their Sberbank or VTB cards abroad, or to shop abroad online. Maybe that will bring some retailers to accept BTC as a payment?

I see this as a plus to the blockchain industry because this would pave way for the massive adoption  as a result of this cut off. Come to think of it, Russia has been on the verge of legalizing the use of bitcoin and from the look of it, it seems they knew what is ahead of them so cutting them off from  the swift payment system has no effect on them as they are already prepared for the unseen. Moreover, there are lots of competitors out there from Russia allies that are into swift payment, so you see. With the happenings unfolding, there would definitely be price increase on  bitcoin.

Some think that Russia will turn to Bitcoin if it is prevented from using SWIFT, but I do not believe that such a dictatorial country would ever officially accept Bitcoin, although it is possible that they are already using it for some of their dirty business. For those wondering why the US and EU are reluctant to kick Russia out of this payment system, the reason is very simple, too much money is at stake - and we all know that profit always comes first, and only then saving lives and helping people who they need help to defend themselves from aggressors.

Leaders of Russia had been huge supporters of cryptocurrency even though there are some hiccups along the way of the country's crypto adoption.


We can see a sudden fall in price but eventually, it will recover.  That is to be expected whenever there is huge news regarding the Bitcoin adoption or Bitcoin ban.  Traders tend to react to FUD and HYPE and  manipulators always take advantage of the confusion but eventually, the market will recover.

In addition to being afraid of the public, this will also be a complicated thing for people living in Russia if banks block withdrawals from the exchange.
And logically we also can't move countries just because we can't sell bitcoins as usual.

Because Bitcoin is out of Swift's system. Bank of Russia I think will also be sanctioned by Biden because of Putin's action. Would that mean there is more freedom in Russia because they legalize BTC and not as people paint against Bukele and Putin as a dictator? I think so. Or I may just be seeing the positive side to these men that what are in the news.


It's possible because IMF is already aggressive to El Salvador and even Canada is freezing accounts that are linked to Truckers that did have issues related to cryptocurrency. I guess Bitcoin will be used more these days and this war is just going to fast forward the adoption of cryptocurrency.

My fear is that Russia starts using bitcoin & then the West is aggressive towards bitcoin use in their countries. Obviously they can’t stop people using bitcoin but they can make it difficult for average joe. I don’t want to have to move country because I can’t sell bitcoin at a profit to buy a home etc because my bank blocks the winthdrawal from the exchange.

I think they are promoting BTC so that the average Russian citizen can have that feeling that even if their banking is cut off from the rest of the world they can still move money. Big business has plans in place, as do the oligarchs. The average person does not. This allows them to still function with the outside world.

Side thought, and a sad bit of humor. 1st America did Vietnam and it did not go so well, then Russia did Afghanistan and that did not go so well, then the US did Afghanistan and it did not go well either, now Russia is doing Ukraine. Guess they wanted a new long drawn out conflict that will look like they are winning at 1st and then slowly get eroded away.

-Dave

My thoughts exactly, we've timed the attack absolutely perfectly, and it seems that they've largely executed their plan perfectly too. I'm not completely sure on what their intentions were with promoting Bitcoin the last few weeks, and then obviously launching this war between Ukraine, but I can't help, but think Bitcoin has been a part of their plan for a long time.

There's two ways you could probably think of Russia adopting it in such a way; Either they see it as a threat, and could potentially be wanting to associate themselves with it, then carry out the attack against Ukraine which they were going to do anyway, knowing that if they promoted Bitcoin weeks before, and then its people, as well as Russia try to get around the sanctions via Bitcoin, that they thought it would be banned, which could effectively make Bitcoin inaccessible to any law abiding citizens in the West that would tank the price to almost unrecoverable amounts, which would significantly hurt Bitcoin's ability to recover due to now being known as what Russia used to sidestep the sanctions, as it does seem Russia is public enemy number one right now, especially in the West.

That's probably the far fetched end of the stick, however the alternative is they indeed did intend on using Bitcoin to sidestep the sanctions, but not to drag Bitcoin through the mud, but to use it instead of traditional currencies which they know would become difficult after the attack. Again, if the West did decide on banning Bitcoin collectively, that would probably have similar effects on the price as the sanctions, so would they really benefit from doing it?

There's definitely some other theories out there, but the main thing I get from this in terms of how it'll effect the price is negatively if Russia does indeed try to sidestep the sanctions with Bitcoin. If they don't, I actually see Bitcoin benefiting from this, It's not only Russia government that gets hit by the sanctions, but the people. The UK not trading with Russia has an impact on British people, who might seek alternatives. Ukraine's people are currently queueing outside banks in hopes they can withdraw their money, which if it does indeed prove to be difficult to do that, and in fear that their money now is worthless, they could look for an alternative in Bitcoin. This approach without Russia's government looking to sidestep sanctions probably increases the faith in Bitcoin from people, and provides an alternative, where they're securing their money, and any future wars or current wars means their wealth won't be rendered worthless simply because they can't withdraw it.

The war is unfortunate and for Russia if they are stuck with sanctions then they will overcome those sanctions with cryptocurrency. Cutting off SWIFT is a major move but if they are overcoming these restrictions then there is no point in these sanctions  . Will see how these things will unfold as this will have a major impact economically on a global scale.

I think Russia will be gettings its financial support from China before having to resort to desperate investments like Bitcoin or any other new generation money. I may be proven wrong but for now, I doubt that SWIFT cut off will do more than create FUD which will lead to further short term dips in price because of weak hands panicking and not understanding how Bitcoin value works.

Don't get me wrong, anyone who has no coin will miss out, big time!   

So that is why Putin is so confident on the attack knowing all of these, He is not the one getting hurt rather some of the investors outside and part of his enemies maybe.

Anyways let's hope for the best solution they could do, if this escalates more and other countries gets on board, worst is yet to come, it is very dangerous knowing these countries have nuclear warheads. If things go wrong and the buttons are pushed, do you think crypto or bitcoin will still remain? Would you guys expect it to run even mining facilities in the world will be totally destroyed? I know that there could be miners underground who will survive but it won't suffice. I have so many questions, most of us did not experience great wars so we just have to be ready whatever comes even though were just merely civilians.

Yes, we can see that Bitcoin from Russia's response is a Chess piece, its been
brought into play as a defense to sanctions as per the thread title. As bitbollo
pointed out this is a perfect use case for Bitcoin its just a pity of the circumstances.
Thats Bitcoin, it ignores borders and is oblivious to its users and why they use it.

this sanction "casually" was not voted today by EU member board.

bitcoin can be transported anywhere, because it is ubiquitous.
BTW I would have preferred a different occasion to see the spread of this technology ....

Cutting off Russia from SWIFT would only hurt the U.S's strangle hold on U.S dollar for trade.   Sanction's only make Russia stronger and they can't seem to figure that out.
Russia/China will figure a way around the U.S dollar and I really doubt it's going to be bitcoin unfortunately.

I am thinking now that the reason why suddenly Russia changed its position over bitcoin or crypto, was because they were really in position to go to war.
We are seeing that bitcoin is down for the moment, but if the situation between Russia and Ukraine escalates to worse.
I have the feeling that after few weeks, bitcoin will start to gain its momentum as crypto will be a very good option to move money in this time.
I don't think US or EU can stop those crypto transactions as it is decentralized.
So yeah, hold our breath on this but maybe start thinking of accumulating satoshis also while the price is down. 

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.

Sadly that's true I am sad about the war and the sufferings which will be inflicted upon the Ukranians and at the same time yes Russians will switch to bitcoin for transfer of funds which may increase the value of bitcoin, but things could go either ways as there are equal possibilities of western power tightening the noose around bitcoin and other crypto currency as a precautionary measures which will have negative impact on btc and it's too early to come to any conclusion.

The threat of cutting Russia off from SWIFT was muted a while ago, when politicians were told how important it really is to keep access open. While there may be the odd discussion about it, cutting Russia off from the system would likely do more harm than good in the long run - it would actually play into Putin's hand to a degree. He wants to have a payment network that is outside the control of other countries and force all Russian people to use it, it'd give him more control over the finances of Oligarchs and be able to apply even more pressure to his opponents. Having all transactions going through SWIFT also allows overseas countries to trace money much more easily and offers more traceability. It's unlikely to come into action, but I don't see Bitcoin having a good time right now which is when you think it should be booming.

Not very far fetch. It must be the plan before the strike.
But sanctions don't really work for them because China and Russia have trade ties. Trump sanctioned China, hit them in a trade war, and tariffs. Russia was also sanctioned when they go annex Crimea but the two get around these sanctions and Russia legalized BTC as well. Circumventing these sanctions becomes a routine and other countries that depend on the two are more affected because prices are going up.

6000 US troops are not enough. Biden will just deliver them to hell. I would certainly quit if I were one of the marines to be sent to a location we have no idea what is like.