Russia cut off from Swift is fantastic opportunity for bitcoin

[Gyfts]

The biggest problem for Russians right now, is that if BTC remains possible, very few people are willing to exchange BTC for rubles. The Russian currency was already extremely difficult to exchange in most countries, it will be far worse now.

Bitcoin isn't viable right now in Russia, but the point of this post is that it accelerates the adoption of crypto because they remain immune from sanctions. USD is currently the dominant currency on the global market, but the Russians (and Chinese, for that matter) understand it takes almost nothing for the U.S. to freeze assets indefinitely, locking them out of billions without any form of recourse. Sure, the exchanges will be difficult for now, but 10 years down the line you could see massive adoption.

[TOM B]

I hope that Bitcoin will seize this opportunity, strengthen the consensus of decentralization and anti-power, and lay the golden age of encryption.

[erep]

Russia is the second largest country that uses SWIFT after the United States with access to exports and imports using SWIFT with a very high estimated transaction statistics, but the impact of the SWIFT cut-off also affects western countries and their allies due to oil and gas exports of energy commodities from Russia.

The imposition of sanctions and suspensions on Russia in various ways is unexpected due to the involvement of the European Union, but Russia has other ways of dealing with SWIFT problems using its competitors or alternatively using telex, email, and others. However, cryptocurrencies also have the opportunity to be used because access to international transactions to Russia has been frozen.

[Maestro75]

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)?

You just created a situation that can be possible when we look into the way Putin and NATO are going about this war with their ego on display. If the EU and America decide to go against bitcoin as a way of getting back to Russia, that will a big blow to bitcoin community and adoption. No one wants to see that happen. It will wipe off years of gains from the whole bitcoin struggle. I do not wish that happening.

[JayTrain]

there are a lot of disputes on this score that the alternative to SWIFT in the Russian Federation is bitcoin, but I think they will not come to this anyway, most likely they will create an analogue of SWIFT in their country and that will be the end of it, perhaps they will find some kind of golden mean with cryptocurrency together.

[Pesona1]

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.

It may but it may not , because while the war is in process i don't think there will be an effect towards this situation .

yes Bitcoin is in good position in this but how long would this take before being in crypto market? like now that the prices keeps in dumping or staying neutral while many are still in afraid of losing their funds .

It’s natural to be afraid of losing your funds because the market has been dipping constantly. But this whole game is a game of patience and even if you are afraid you should not at least sell. I have decided to wait till the situation is back to normal.

Some time ago bitcoin experienced a strong rally after many investors and the Russian public shifted the ruble to bitcoin, but the last two days Bitcoin actually experienced another decline after Federal Reserve (The Fed) Chairman Jerome Powell said he would raise interest rates in the near future, these statements seem to make the market weaken again and the effect of bitcoin falling to reach the price of $ 39K, and I think a decline like now is the right momentum for us to buy and it seems we don't need to doubt the with fundamentals bitcoin has,  because withstrong fundamentals of course it won't take long for bitcoin to rise again.

[usekevin]

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 had read this news too.It mean, the international transaction to Russia was banned. So no swift payments was made to Russia.It affect the economic situation in Russia. Russian properties in United States is going  block by the United States President. This was official statement made  by the president. So this gonna huge impact into the Russian Economy. The new way of stopping the war is reducing their economy with reducing of Economy.

[decodx]

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 had read this news too.It mean, the international transaction to Russia was banned. So no swift payments was made to Russia.It affect the economic situation in Russia. Russian properties in United States is going  block by the United States President. This was official statement made  by the president. So this gonna huge impact into the Russian Economy. The new way of stopping the war is reducing their economy with reducing of Economy.

Yes, Russia's invasion of Ukraine is indeed horrific, and any sanction that could help to end this madness is welcome. However, regarding SWIFT, did you know that the banking system did exist even before SWIFT was introduced? Yes, SWIFT is important to international economic activity, but, in reality, limiting SWIFT access to several Russian banks is less effective than most media coverage gives it credit for.

[countryfree]

I've learned that Paypal also has stopped its services in Russia. I believe it's voluntary, Paypal isn't related to Swift, but it just add to the pressure against Russia.

Nowadays, there's just no choice. It's BTC or nothing for a Russian who wants to trade with a foreigner.

[Abiky]

Bitcoin isn't viable right now in Russia, but the point of this post is that it accelerates the adoption of crypto because they remain immune from sanctions. USD is currently the dominant currency on the global market, but the Russians (and Chinese, for that matter) understand it takes almost nothing for the U.S. to freeze assets indefinitely, locking them out of billions without any form of recourse. Sure, the exchanges will be difficult for now, but 10 years down the line you could see massive adoption.

Exactly. The SWIFT ban will force Russian people to join the Bitcoin bandwagon in order to protect their purchasing power as much as possible. That, and the fact that the Russian government is starting to look for alternative ways to become self-sustainable should make Bitcoin and other cryptocurrencies rise in mainstream adoption like never before. We ain't seen nothing yet, as the best is yet to come.

Undeniably, mainstream governments will try to pressure centralized exchanges to exclude Russian customers from getting access to Bitcoin. But they will ultimately fail as Bitcoin's decentralized and open source nature allows you to acquire it regardless of mainstream regulations. Decentralized exchanges will surely take off if countries begin to ban centralized exchanges for good. Bitcoin may still be far from its latest ATH, but it will get there soon as the global economy sinks deeper. Who knows if Fiat collapses for good, paving the way for full "hyperbitcoinization"? Just my thoughts

[iamsheikhadil]

Russia do have some alternatives to SWIFT I guess, but you have a point, it just shows how centralized institutions can even kick off banks when they want so better use a decentralised system in which one can always transfer and receive funds without the need of anyone's permission. The positives of crypto is shining really bright for all to see

[Ozero]

Russia is the second largest country that uses SWIFT after the United States with access to exports and imports using SWIFT with a very high estimated transaction statistics, but the impact of the SWIFT cut-off also affects western countries and their allies due to oil and gas exports of energy commodities from Russia.

The imposition of sanctions and suspensions on Russia in various ways is unexpected due to the involvement of the European Union, but Russia has other ways of dealing with SWIFT problems using its competitors or alternatively using telex, email, and others. However, cryptocurrencies also have the opportunity to be used because access to international transactions to Russia has been frozen.

Now we will soon be able to see how effective international sanctions are against any aggressor country, since Russia, by attacking Ukraine, violated all international norms and obligations that could be violated. In fact, Putin has violated the system of collective security in the world, so very tough sanctions are applied against Russia.
The current situation is a good test for a decentralized cryptocurrency as well, as this is a rare opportunity for a cryptocurrency to shine in the face of a limited opportunity for all other currencies. But I don’t think that in Russia they will be able to effectively circumvent the imposed sanctions even with the help of cryptocurrency. . We can already see what is beginning to happen there, and after all, only a few days have passed.

[countryfree]

I hope I'm wrong, but this may bring a sad ending, as president Biden is asking for more regulations on cryptos as they may be a way to evade sanctions:

https://www.bloomberg.com/news/articles/2022-03-07/biden-to-sign-crypto-order-as-industry-faces-sanctions-pressure

[Marvell1]

The current situation is a good test for a decentralized cryptocurrency as well, as this is a rare opportunity for a cryptocurrency to shine in the face of a limited opportunity for all other currencies. But I don’t think that in Russia they will be able to effectively circumvent the imposed sanctions even with the help of cryptocurrency. . We can already see what is beginning to happen there, and after all, only a few days have passed.

This fight could be considered the biggest challenge ever for crypto and I see it doing very well against the banking systems. Undoubtedly, cryptocurrencies are becoming the bright spot thanks to sanctions. It's true that crypto can't help Russia circumvent the law to completely avoid sanctionsd, but it is working as a store of assets for citizens in Russia, transferring money across borders when the Swift system is cut off.

[Reatim]

I hope I'm wrong, but this may bring a sad ending, as president Biden is asking for more regulations on cryptos as they may be a way to evade sanctions:

https://www.bloomberg.com/news/articles/2022-03-07/biden-to-sign-crypto-order-as-industry-faces-sanctions-pressure

if this will indeed to take place then yes we must be sad as the effect will surely be taken seriously of the market, we knew how US government can act on this matter and if they will promote this truly ? i may stop collaborating for a while but will still keep my holdings on this matter.
Hoping that the war will end soon and the sanctioning will also end after.

[Abiky]

I hope I'm wrong, but this may bring a sad ending, as president Biden is asking for more regulations on cryptos as they may be a way to evade sanctions:

https://www.bloomberg.com/news/articles/2022-03-07/biden-to-sign-crypto-order-as-industry-faces-sanctions-pressure

This was inevitable. After the US and its allies sanctioned Russia, it was expected they would further regulate cryptocurrencies in order to avoid Russia from using them as a means to finance their operations. With the President Biden's new executive order, I'm afraid we'll see heavy-handed regulations from the US in the long run. This would mean decreased adoption of Bitcoin and other cryptocurrencies in the country.

Russia may have been cut off from SWIFT, but it still has China's support. With crypto, Russia can circumvent sanctions due to its decentralized and censorship-resistant design. Governments may only be able to enforce regulations across centralized exchanges and wallet providers but they won't have much success with decentralized counterparts. We'll see how everything will play out in the long run as the global economy changes in many drastic ways. Just my thoughts

[Webetcoins]

I hope I'm wrong, but this may bring a sad ending, as president Biden is asking for more regulations on cryptos as they may be a way to evade sanctions:

https://www.bloomberg.com/news/articles/2022-03-07/biden-to-sign-crypto-order-as-industry-faces-sanctions-pressure

The U.S controls the dollar but they can't control crypto and if regulations might be possible I think that will only be imposed on centralized platforms. I know there are only few us-based cex platforms, so Russia is still free from using bitcoin. We also have decentralized platforms / p2p, where they can freely transact without worry that they may get block or something. Sorry but you are truly wrong with your expectation, this does not bring an ending to the Russian users.

If you can"t use banks, just use BTC and be happy.

In most countries where there are no restrictions or sanctions, they can be able to use a bank but they are not happy with it. What they are using instead is cryptocurrency and bitcoin.

[omone1]

No doubt Russians have already turned to bitcoin as the sanctions bites harder. It's now left for the Russia federation to develop a system for their citizens to easily covert bitcoin to rubles and to establish a trade with their allies in digital currencies to help the ailing rubles. I feel for Russians because common men on the street suffer more from economic sanctions.

[Smartprofit]

No doubt Russians have already turned to bitcoin as the sanctions bites harder. It's now left for the Russia federation to develop a system for their citizens to easily covert bitcoin to rubles and to establish a trade with their allies in digital currencies to help the ailing rubles. I feel for Russians because common men on the street suffer more from economic sanctions.

The Russian government will never legalize bitcoin in Russia.  Bitcoin will be used exclusively in illegal (grey) schemes. 

At present, the situation is developing in the most tragic way.  Russia has no chance to create the USSR - 2.0.  I think that ahead of Russia is a socio-economic crisis, and then a political crisis.  This crisis will lead to civil war in Russia. 

This is a huge tragedy. 

Everything that is happening now is a huge tragedy with far-reaching consequences.  The disconnection of the Russian financial system from the Swift payment system is just one link in a huge chain of misfortunes currently taking place in the world... 

Bitcoin will of course be used in cross-border payments. 

Satoshi Nakamoto created Bitcoin just for such crisis situations.

[coupable]

Russia is the second largest country that uses SWIFT after the United States with access to exports and imports using SWIFT with a very high estimated transaction statistics, but the impact of the SWIFT cut-off also affects western countries and their allies due to oil and gas exports of energy commodities from Russia.

The imposition of sanctions and suspensions on Russia in various ways is unexpected due to the involvement of the European Union, but Russia has other ways of dealing with SWIFT problems using its competitors or alternatively using telex, email, and others. However, cryptocurrencies also have the opportunity to be used because access to international transactions to Russia has been frozen.

Now we will soon be able to see how effective international sanctions are against any aggressor country, since Russia, by attacking Ukraine, violated all international norms and obligations that could be violated. In fact, Putin has violated the system of collective security in the world, so very tough sanctions are applied against Russia.
The current situation is a good test for a decentralized cryptocurrency as well, as this is a rare opportunity for a cryptocurrency to shine in the face of a limited opportunity for all other currencies. But I don’t think that in Russia they will be able to effectively circumvent the imposed sanctions even with the help of cryptocurrency. . We can already see what is beginning to happen there, and after all, only a few days have passed.

Personally, i don't see that cryptos can help Russia avoid the sanctions especially the one about banning it from Swift system.
Reasons : Russian Gaz custmers will not be able to pay Russia if cryptos isn't regulated in their countries. ; Cryptos isn't widely used in Russia and the other part of the world so think how many users/institutions banned from swift will use cryptos as an alternative.
I think the sanctions have a significant mpact that can't be avoided by just holding payments in cryptos.