Topic: The ruble is going to hell (not anymore?) - page 7. (Read 1047 times)
The economic sanction had gone effective immediately. With many financial service abroad have been banning and departing from the Russian government, they're certainly going down. As for the price of bitcoin, it had gone up and possibly Russians were the ones that have contributed on its recent increase. And as the Russian government dealing with the war and the economic sanction, they're also playing their part of it and they have to shutdown their stock market and that really caused their economy one heavy plummet.
Could this be one of the catalysts on why bitcoin is going up? Because it has increased a lot in the past few hours and probably many people are starting to convert their fiat and I try to preserve the value when using crypto currency.
The effect will certainly come down on Russia. Rubie has lost value and inflation will rise soon because that is the next hard time the people will feel. The people have no choice than taking money out fiat to cryptocurrency and bitcoin is having that required effect. Is a bull now because of what is happening with the sanctions on Russia.
The sanctions imposed on the state of Russia has been quite steep and was always going to have significant effect on their economy and impact the ruble.
How Russia would react would be interesting to see, as their major plays from this point is their reserve assets and their gold stashes.
How Russia would react would be interesting to see, as their major plays from this point is their reserve assets and their gold stashes.
Could this be one of the catalysts on why bitcoin is going up? Because it has increased a lot in the past few hours and probably many people are starting to convert their fiat and I try to preserve the value when using crypto currency.
Bitcoin provides a safe haven for citizens from unstable nations and this could be a reason for Russians to switch to bitcoin and consequently improve interest and demand. 
The Bitcoin market has gone green today particularly in the second half
and is now $41,465, this is coinciding with a 40% drop in the Rouble today
and is still down 20%. This affects everyone in Russia so I would agree that
there are a lot of people moving into Bitcoin, the evidence from BESTCHANGE
is there with an increase of 20%.
and is now $41,465, this is coinciding with a 40% drop in the Rouble today
and is still down 20%. This affects everyone in Russia so I would agree that
there are a lot of people moving into Bitcoin, the evidence from BESTCHANGE
is there with an increase of 20%.
Could this be one of the catalysts on why bitcoin is going up? Because it has increased a lot in the past few hours and probably many people are starting to convert their fiat and I try to preserve the value when using crypto currency.
There are so many factors that can influence the price that we can't know but I would say it is influencing it a little bit.
According to a forum fellow member in another thread:
Bestchange which is an exchange aggravator that also have a signature campaign on Bitcointalk saw 20% increase recently.
Although he does not say where he gets his information from.
Could this be one of the catalysts on why bitcoin is going up? Because it has increased a lot in the past few hours and probably many people are starting to convert their fiat and I try to preserve the value when using crypto currency.
It seems that Putin's gamble is not working out as he had hoped. He is moving militarily rather slower than he anticipated and now apart he has taken two economic measures:
"President Vladimir Putin banned all Russian residents from transferring hard currency abroad, including for servicing foreign loan contracts, potentially putting much of the country’s $478 billion in external debt at risk of default."
Source: Putin’s Ban on Foreign Debt Service Raises $478 Billion Question.
To stop the bleeding of the ruble, which is plummeting even in the face of a weak USD due to over-printing, he has also ordered that: "Russian businesses that trade abroad must sell 80% of their foreign currency earnings and convert them to rubles...
A picture is worth a thousand words:
This is starting to cause panic among its population, which has rushed en masse to withdraw cash from ATMs:
Russians rush to withdraw cash at ATMs as rouble plunges; central bank hikes rates to 20%
The most important thing in the conflict is the human drama with dead, wounded and displaced people, but I wanted to open thread to comment in this economy section what could be the medium term future of the Russian currency and economy.
I wonder if some of these measures affect Best_Change, which I understand is a business located in Russia, but I don't know if they will want to comment anything.
"President Vladimir Putin banned all Russian residents from transferring hard currency abroad, including for servicing foreign loan contracts, potentially putting much of the country’s $478 billion in external debt at risk of default."
Source: Putin’s Ban on Foreign Debt Service Raises $478 Billion Question.
To stop the bleeding of the ruble, which is plummeting even in the face of a weak USD due to over-printing, he has also ordered that: "Russian businesses that trade abroad must sell 80% of their foreign currency earnings and convert them to rubles...
A picture is worth a thousand words:
This is starting to cause panic among its population, which has rushed en masse to withdraw cash from ATMs:
Russians rush to withdraw cash at ATMs as rouble plunges; central bank hikes rates to 20%
The most important thing in the conflict is the human drama with dead, wounded and displaced people, but I wanted to open thread to comment in this economy section what could be the medium term future of the Russian currency and economy.
I wonder if some of these measures affect Best_Change, which I understand is a business located in Russia, but I don't know if they will want to comment anything.
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