Russia cut off from Swift is fantastic opportunity for bitcoin

[countryfree]

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.

[OmegaStarScream]

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)?

[virtualdn]

I will never see war as a great opportunity, even for Bitcoin. War is the last thing we all need, let's pray for peace and the rest will follow. War never solved anything in this world and will never will.

[willoweb]

I fully agree with the thesis of the author. The number and volume of transactions in bitcoins from Russia will grow, SWIFT may be turned off and this will even cause problems for the financial system of the Russian Federation. But this topic has been discussed for quite a long time and it will not come as a surprise. In addition, there is the factor of losing an "important client". After all, there is a huge amount of money. Why waste this money because of Ukraine? I am sure that this will not happen in any case until Russia is at war with the North Atlantic Alliance.

[countryfree]

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)?

We've been hearing for years that BTC was used to finance terrorists, Russia may bring some more regulations, but I'm not expecting them to have an effect on price.

[zasad@]

Swift payment system has many competitors:
CLS (Continuous Linked Settlements)
Financial Message Transfer System (SPFS) (Russia)
UnionPay (China)
JCB(Japan)
Under the conditions that the shareholders of large Russian companies are American and European investors, then the damage from the shutdown of Russia will be more for foreign companies.

[fiulpro]

See the thing is right now people are taking money out, they are taking all their assets out as well, selling bitcoins and selling other cryptocurrencies and volatile assets in the market so that they would be able to hide from the war. Therefore the value have dropped drastically as well, I do think it's a great opportunity for Bitcoins but one has to consider the way Russia is planning to use Bitcoins as well. Am quite afraid that it would not be used for good..the banking system would be widely affected internationally causing more probelms for the citizens living everywhere also the oil and gold is spiking fast, a new way for inflation now.

[ChiBitCTy]

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.

I have been reading about this as well and am hopefully that Russia being cut off from SWIFT actually makes a big difference in their ability to transfer monies across the glob, but I'm not sure it'll have the big effect that many ( and certainly NATO/ UN) hope it will.  I been reading that they already have ways around this particular sanction that will make being cut off from SWIFT not really a big deal.  I guess time will tell. 

[Sterbens]

Or is this a connection the Russians are deliberately trying to implement that we weren't aware of before? Like before they invaded Ukraine, preparing Bitcoin legality plans spread. Then the invasion was launched, prices dropped and Russia took those prices for a discount. That's just my speculation for now. However, now everyone is watching Russia busy invading by attacking the Ukrainian capital.

Some of the sources I read, if I'm not mistaken that Russia just wants to maintain the neutrality of Ukraine's position so as not to join NATO, Biden has sent 6000 US troops there to take advantage during the end of aid services to pressure Ukraine to join NATO.

[yhiaali3]

I think Putin knew what to do, he's a really smart guy, he backtracked on the decision to ban Bitcoin that the Russian bank had taken a short time ago, he was going to war and he knew that the United States and its allies would impose harsh economic sanctions on Russia and that could disrupt the economy so it would decline About the decision to ban Bitcoin until there is an open window to the world and an easy means of financial transfer between Russia and the world, of course the United States and NATO will not be able to prevent Russia from using Bitcoin.

[bittraffic]

Or is this a connection the Russians are deliberately trying to implement that we weren't aware of before? Like before they invaded Ukraine, preparing Bitcoin legality plans spread. Then the invasion was launched, prices dropped and Russia took those prices for a discount. That's just my speculation for now. However, now everyone is watching Russia busy invading by attacking the Ukrainian capital.

Some of the sources I read, if I'm not mistaken that Russia just wants to maintain the neutrality of Ukraine's position so as not to join NATO, Biden has sent 6000 US troops there to take advantage during the end of aid services to pressure Ukraine to join NATO.

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.

[Fortify]

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.

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.

[kentrolla]

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.

[BlackHatCoiner]

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.

[TimeTeller]

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.

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. 

[Saskfarmer]

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.

[bitbollo]

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 ....

[aoluain]

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.

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. 

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.

[kaya11]

Swift payment system has many competitors:
CLS (Continuous Linked Settlements)
Financial Message Transfer System (SPFS) (Russia)
UnionPay (China)
JCB(Japan)
Under the conditions that the shareholders of large Russian companies are American and European investors, then the damage from the shutdown of Russia will be more for foreign companies.

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.

[goldkingcoiner]

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.

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!