Topic: The role of crypto exchanges in this war after removing the Russia from Swift - page 2. (Read 358 times)

US, European Union and their allies have agreed to cut off major Russian banks from SWIFT.
SWIFT means "Society for Worldwide Interbank Financial Telecommunication".

Short and Important information:
1. Swift is based in Belgium and facilitates transactions between 11 000 banks and financial institutions over 200 countries and territories.
2. In full-year 2021, SWIFT recorded an average of 42.0 million FIN messages per day.
3. More than 1 percent of those messages are thought to involve Russian payments.
4. Oil and Gas exports make up to 40% of the country’s revenue (3rd largest oil producer).
5. The largest Russian Oil and Gas importers won't be able to pay Russia after the Swift ban.
6. Russian alternative to Swift is SPFS - "Russia’s System for Transfer of Financial Messages". This system only works within Russia.
7. Russia will be able to trade with China since it has it's own payment system called CIPS - Cross-Border Interbank Payment System.

A lot of people say that an alternative for Russia can be a bitcoin but without a doubt, those countries who agree to ban Russia from Swift, won't use cryptocurrencies. I believe that other countries will not move their hand on cryptocurrencies to trade with Russia.

But Bitcoin and other cryptocurrencies can be used by individuals to send/receive money from Russia to other countries. You need an exchange and/or crypto ATM to convert money into USD or RUB. What if major exchanges like Binance, Coinbase, HitBTC will ban fiat withdrawals for Russia or even ban Russian accounts and/or people with Russian passports? Will US, EU and allies discuss this task? Can it have a significant effect on Russia?

EDIT: If this topic better belongs to Politics & Society or Economics board, moderators, please move it.